0001628280-23-038325 | 10-Q | XBRL Viewer

Noncontrolling Interest in Operating Partnership and Other Noncontrolling Interests

NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS

Classification of Noncontrolling Interests

GAAP requires a company to present ownership interests in subsidiaries held by parties other than the company in the consolidated financial statements within the equity section, but separate from the company’s equity. It also requires the amount of consolidated net income attributable to the parent and to the noncontrolling interest to be clearly identified and presented on the face of the consolidated statement of operations and requires changes in ownership interest to be accounted for similarly as equity transactions. If noncontrolling interests are determined to be redeemable, they are to be carried at their redemption value as of the balance sheet date and reported as temporary equity.

The Company has evaluated the terms of the Operating Partnership’s preferred units and classifies the noncontrolling interest represented by such preferred units as stockholders’ equity in the accompanying condensed consolidated balance sheets. The Company will periodically evaluate individual noncontrolling interests for the ability to continue to recognize the noncontrolling interest as permanent equity in the condensed consolidated balance sheets. Any noncontrolling interests that fail to qualify as permanent equity will be reclassified as temporary equity and adjusted to the greater of (1) the carrying amount and (2) the redemption value as of the end of the period in which the determination is made.

At September 30, 2023 and December 31, 2022, the noncontrolling interests represented by the Preferred OP Units qualified for classification as permanent equity on the Company's condensed consolidated balance sheets. The partnership agreement of the Operating Partnership (as amended, the "Partnership Agreement") provides for the designation and issuance of the OP Units. As of December 31, 2022, noncontrolling interests in Preferred OP Units were presented net of notes receivable from Preferred OP Unit holders of $100,000 as more fully described below. The balances for each of the specific Preferred OP Units as presented in the Statement of Noncontrolling Interests and Equity as of the periods indicated is as follows:


	September 30, 2023		December 31, 2022
Series A Units	$	—	$	16,498
Series B Units	33,567		33,568
Series D Units	189,372		211,436
	$	222,939	$	261,502

Series A Participating Redeemable Preferred Units

The Partnership Agreement provides for the designation and issuance of the Series A Units. The Series A Units have priority over all other partnership interests of the Operating Partnership with respect to distributions and liquidation.

The Series A Units were issued in June 2007. Series A Units in the amount of $101,700 bore a fixed priority return of 2.3% and originally had a fixed liquidation value of $115,000. The remaining balance participated in distributions with, and had a liquidation value equal to that of the OP Units. The Series A Units were redeemable at the option of the holder, which redemption obligation could have been satisfied, at the Company’s option, in cash or shares of its common stock. As a result of a redemption of 114,500 Series A Units in October 2014, the remaining fixed liquidation value was reduced to $101,700, which represented 875,480 Series A Units.

On June 25, 2007, the Operating Partnership loaned the holder of the Series A Units $100,000. The loan bore interest at 2.1%. The loan was secured by the borrower’s Series A Units, which are shown on the balance sheet net of the $100,000 loan as of December 31, 2022 because the borrower under the loan was also the holder of the Series A Units.

On January 25, 2023, the redemption obligation for all outstanding Series A Units was satisfied, at the Company’s option, in $5,000 cash and 851,698 shares of its common stock, which was net of the noncash settlement of the $100,000 loan. As a result of this redemption, no Series A Units were outstanding as of September 30, 2023.

Series B Redeemable Preferred Units

The Partnership Agreement provides for the designation and issuance of the Series B Units. The Series B Units rank junior to the Series A Units, on parity with the Series C Units and Series D Units, and senior to all other partnership interests of the Operating Partnership with respect to distributions and liquidation.

The Series B Units were issued in 2013 and 2014. The Series B Units have a liquidation value of $25.00 per unit for a fixed liquidation value of $33,567 which represents 1,342,727 Series B Units. Holders of the Series B Units receive distributions at an annual rate of 6.0%. These distributions are cumulative. The Series B Units became redeemable at the option of the holder on the first anniversary of the date of issuance, which redemption obligation may be satisfied at the Company’s option in cash or shares of its common stock.

On May 10, 2022, 45,000 Series B Units were redeemed for $1,125 in cash.

Series C Redeemable Preferred Units

The Partnership Agreement provides for the designation and issuance of the Series C Units. The Series C Units ranked junior to the Series A Units, on parity with the Series B Units and Series D Units, and senior to all other partnership interests of the Operating Partnership with respect to distributions and liquidation.

As of September 30, 2023 and December 31, 2022, there were no outstanding Series C Units.

Series D Redeemable Preferred Units

The Partnership Agreement provides for the designation and issuance of the Series D Units. The Series D Units rank junior to the Series A Units, on parity with the Series B Units and Series C Units, and senior to all other partnership interests of the Operating Partnership with respect to distributions and liquidation.

The Series D Units have a liquidation value of $25.00 per unit, for a fixed liquidation value of $189,372, which represents 7,566,828 Series D Units. Holders of the Series D Units receive distributions at an annual rate between 3.0% and 5.0%. These distributions are cumulative. The Series D Units become redeemable at the option of the holder on the first anniversary of the date of issuance, which redemption obligation may be satisfied at the Company’s option in cash or shares of its common stock. In addition, certain of the Series D Units are exchangeable for OP Units at the option of the holder until the tenth anniversary of the date of issuance, with the number of OP Units to be issued equal to $25.00 per Series D Unit, divided by the value of a share of common stock as of the exchange date.

On January 3, 2023, 890,594 Series D Units were redeemed for 154,307 shares of common stock.

The Series D Units have been issued at various times from 2014 to 2022. On June 1, 2022, the Operating Partnership issued a total of 240,000 Series D Units valued at $6,000 in connection with the acquisition of Bargold.

NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP AND OTHER NONCONTROLLING INTERESTS

Noncontrolling Interest in Operating Partnership

The Company’s interest in its stores is held through the Operating Partnership. Between its general partner and limited partner interests, the Company held a 95.2% ownership interest in the Operating Partnership as of September 30, 2023. The remaining ownership interests in the Operating Partnership (including Preferred OP Units) of 4.8% are held by certain former owners of assets acquired by the Operating Partnership. As of September 30, 2023 and December 31, 2022, the noncontrolling interests in the Operating Partnership are shown on the balance sheet net of a note receivable of $1,900 because a borrower under the note receivable is also a holder of OP Units. This note receivable originated in December 2014, bears interest at 5.0% per annum and matures on December 15, 2024.

The noncontrolling interest in the Operating Partnership represents OP Units that are not owned by the Company. OP Units are redeemable at the option of the holder, which redemption may be satisfied at the Company's option in cash, based upon the fair market value of an equivalent number of shares of the Company’s common stock (based on the ten-day average trading price) at the time of the redemption, or shares of the Company's common stock on a one-for-one basis, subject to anti-dilution adjustments provided in the Partnership Agreement. As of September 30, 2023, the ten-day average closing price of the Company's common stock was $123.46 and there were 8,887,278 OP Units outstanding. Assuming that all of the OP Unit holders exercised their right to redeem all of their OP Units on September 30, 2023 and the Company elected to pay the OP Unit holders cash, the Company would have paid $1,097,223 in cash consideration to redeem the units.

OP Unit activity is summarized as follows for the periods presented:


	For the Nine Months Ended September 30,
	2023		2022

OP Units redeemed for cash	—		18,028
Cash paid for OP Units redeemed	$	—	$	3,504
OP Units issued in conjunction with business combination and acquisitions	1,674,748		711,037
Value of OP Units issued in conjunction with business combination and acquisitions	$	249,470	$	141,000

On July 20, 2023, the Company issued 1,674,748 shares of its common stock for a total value of $249,470. This was based on an exchange ratio of 0.895 per share conversion of Life Storage OP Units at the Company's closing share price on July 19, 2023 of $148.96 as part of the Life Storage Merger.

GAAP requires a company to present ownership interests in subsidiaries held by parties other than the company in the consolidated financial statements within the equity section, but separate from the company’s equity. It also requires the amount of consolidated net income attributable to the parent and to the noncontrolling interest to be clearly identified and presented on the face of the consolidated statement of operations, and requires changes in ownership interest to be accounted for similarly as equity transactions. If noncontrolling interests are determined to be redeemable, they are to be carried at their redemption value as of the balance sheet date and reported as temporary equity.

The Company has evaluated the terms of the OP Units and classifies the noncontrolling interest represented by the OP Units as stockholders’ equity in the accompanying condensed consolidated balance sheets. The Company will periodically evaluate individual noncontrolling interests for the ability to continue to recognize the noncontrolling amount as permanent equity in the condensed consolidated balance sheets. Any noncontrolling interests that fail to qualify as permanent equity will be reclassified as temporary equity and adjusted to the greater of (1) the carrying amount and (2) the redemption value as of the end of the period in which the determination is made.

Other Noncontrolling Interests

Other noncontrolling interests represent the ownership interests of third parties in nine consolidated joint ventures as of September 30, 2023. Two joint ventures each own one operating store and the other seven joint ventures each have a property under development. The voting interest of each third-party owner is between 2.0% and 31.0%.

Based on the facts and circumstances of each of the Company’s joint ventures, the Company has determined that one of the joint ventures at September 30, 2023 was a variable interest entity (“VIE”) in accordance with ASC 810, “Consolidation.” The Company has consolidated that joint venture as it was determined that the Company has the power to direct the activities of the joint venture and is the primary beneficiary of the joint venture.

Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Goodwill	$ 170,811	$ 170,811
Receivables, net	131,614	85,937
Prepaid expenses and deposits	94,409	50,318
Other intangible assets, net	75,749	0
Trade name	50,000	0
Fair value of interest rate swaps	48,611	54,839
Equipment and fixtures, net	45,626	42,808
Deferred line of credit financing costs, net	11,857	4,846
Restricted cash	7,000	4,867	$ 7,363	$ 5,068
Other assets, net	$ 635,677	$ 414,426

Debt - Schedule of Components of Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Variable Rate	4.40%
Notes Payable
Debt Instrument [Line Items]
Total	$ 10,668,334	$ 6,419,424
Discount on unsecured senior notes	(284,906)	0
Less: Unamortized debt issuance costs	(54,349)	(32,962)
Total	10,329,079	6,386,462
Notes Payable \| Secured notes payable
Debt Instrument [Line Items]
Fixed rate notes payable	402,896	521,820
Variable rate notes payable	$ 880,438	772,604
Notes Payable \| Secured notes payable \| Minimum
Debt Instrument [Line Items]
Fixed Rate	2.67%
Variable Rate	6.32%
Notes Payable \| Secured notes payable \| Maximum
Debt Instrument [Line Items]
Fixed Rate	4.56%
Variable Rate	6.81%
Notes Payable \| Unsecured notes payable
Debt Instrument [Line Items]
Fixed rate notes payable	$ 7,536,633	4,240,376
Variable rate notes payable	$ 1,848,367	$ 884,624
Notes Payable \| Unsecured notes payable \| Minimum
Debt Instrument [Line Items]
Fixed Rate	2.20%
Variable Rate	6.26%
Notes Payable \| Unsecured notes payable \| Maximum
Debt Instrument [Line Items]
Fixed Rate	5.70%
Variable Rate	6.27%

Other Assets

9 Months Ended

Sep. 30, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets

OTHER ASSETS

The components of other assets are summarized as follows:


	September 30, 2023		December 31, 2022
Goodwill	$	170,811	$	170,811
Receivables, net	131,614		85,937
Prepaid expenses and deposits	94,409		50,318
Other intangible assets, net	75,749		—
Trade name	50,000		—
Fair value of interest rate swaps	48,611		54,839
Equipment and fixtures, net	45,626		42,808
Deferred line of credit financing costs, net	11,857		4,846
Restricted cash	7,000		4,867
	$	635,677	$	414,426

Noncontrolling Interest Represented by Preferred Operating Partnership Units (Tables)

9 Months Ended

Sep. 30, 2023

Balances of OP Units

The balances for each of the specific Preferred OP Units as presented in the Statement of Noncontrolling Interests and Equity as of the periods indicated is as follows:


	September 30, 2023		December 31, 2022
Series A Units	$	—	$	16,498
Series B Units	33,567		33,568
Series D Units	189,372		211,436
	$	222,939	$	261,502

Investments in Debt Securities and Notes Receivable - Schedule (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Schedule of Held-to-maturity Securities [Line Items]
Dividends and Interest Receivable	$ 58,311	$ 66,170
Investments in debt securities and notes receivable	891,311	858,049
Notes Receivable-Bridge Loans
Schedule of Held-to-maturity Securities [Line Items]
Notes Receivable - Bridge Loans	533,000	491,879
JCAP Series A Preferred Stock
Schedule of Held-to-maturity Securities [Line Items]
Debt securities - NexPoint Preferred Stock	$ 300,000	$ 300,000

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5A

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5

Derivatives - Schedule of Balance Sheet Classification and Fair Value of Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Other assets
Derivative [Line Items]
Other assets	$ 48,611	$ 54,839
Other liabilities
Derivative [Line Items]
Other liabilities	$ 0	$ 73

Real Estate Assets

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Real Estate Assets

REAL ESTATE ASSETSThe components of real estate assets are summarized as follows:


	September 30, 2023		December 31, 2022
Land	$	4,895,651	$	2,356,746
Buildings, improvements and other intangibles	21,502,492		9,425,468
Right of use asset - finance lease	142,851		136,259
Intangible assets - tenant relationships	320,333		152,775
Intangible lease rights	12,943		12,943
	26,874,270		12,084,191
Less: accumulated depreciation and amortization	(2,440,327)		(2,138,524)
Net operating real estate assets	24,433,943		9,945,667
Real estate under development/redevelopment	122,735		52,311
Real estate assets, net	$	24,556,678	$	9,997,978

Debt - Additional Information (Details)		9 Months Ended
Debt - Additional Information (Details)	Sep. 30, 2023 USD ($) extension_option	Sep. 30, 2023 USD ($) extension_option	Aug. 31, 2023 USD ($)	Jun. 22, 2023 USD ($)	Jul. 31, 2022 USD ($)
Debt Instrument [Line Items]
Fixed rate to total debt percentage	70.30%	70.30%
Fixed rate debt	3.60%	3.60%
Variable rate debt	6.40%	6.40%
Weighted average interest rate	4.40%	4.40%
Line of Credit
Debt Instrument [Line Items]
Number of extensions available \| extension_option	2	2
Extension term		6 months
Line of Credit \| Tranche 8 Term Loan Facility
Debt Instrument [Line Items]
Capacity	$ 1,000,000,000	$ 1,000,000,000
Extension term		1 year
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Capacity			$ 2,000,000,000	$ 1,940,000,000
Line of Credit \| Unsecured Debt Tranche One
Debt Instrument [Line Items]
Capacity					$ 175,000,000
Line of Credit \| Unsecured Debt Tranche Two
Debt Instrument [Line Items]
Capacity					$ 425,000,000
Line of Credit \| Base rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.00%
Line of Credit \| Base rate \| Investment grade election \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.00%
Line of Credit \| Base rate \| Investment grade election \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.20%
Line of Credit \| Federal funds rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Line of Credit \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Line of Credit \| SOFR \| Investment grade election \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.70%
Line of Credit \| SOFR \| Investment grade election \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		2.20%
Line of Credit \| Adjusted SOFR \| Unsecured Debt Tranche One
Debt Instrument [Line Items]
Basis spread on variable rate	0.85%
Line of Credit \| Adjusted SOFR \| Unsecured Debt Tranche Two
Debt Instrument [Line Items]
Basis spread on variable rate	1.15%

Condensed Consolidated Statement of Noncontrolling Interests and Equity (Parenthetical) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends paid on common stock (in dollars per share)	$ 1.62	$ 4.86	$ 4.50

Investments in Debt Securities and Notes Receivable

9 Months Ended

Sep. 30, 2023

Investments in Debt Securities and Notes Receivable

INVESTMENTS IN DEBT SECURITIES AND NOTES RECEIVABLE

Investments in debt securities and notes receivable consists of the Company's investment in mandatorily redeemable preferred stock of Jernigan Capital, Inc. ("JCAP") in connection with JCAP's acquisition by affiliates of NexPoint Advisors, L.P. ("NexPoint Investment") and receivables due to the Company under its bridge loan program. Information about these balances is as follows:


	September 30, 2023		December 31, 2022
Debt securities - NexPoint Preferred Stock	$	300,000	$	300,000
Notes Receivable - Bridge Loans	533,000		491,879

Dividends and Interest Receivable	58,311		66,170
	$	891,311	$	858,049

In November 2020, the Company invested $300,000 in the preferred stock of JCAP in connection with the acquisition of JCAP by affiliates of NexPoint Advisors, L.P. This investment consisted of 200,000 Series A Preferred Shares valued at a total of $200,000, and 100,000 Series B Preferred Shares valued at a total of $100,000. In December 2022, a modification was completed that exchanged the Series A and Series B Preferred Shares for 300,000 Series D Preferred Shares, valued at a total of $300,000. The Series D Preferred Shares are mandatorily redeemable after six years from the modification in December 2022, with two one-year extension options. NexPoint may redeem the Series D Preferred Shares at any time, subject to certain prepayment penalties. The Company accounts for the Series D Preferred Shares as a held to maturity debt security at amortized cost. The Series D Preferred Shares have an initial dividend rate of 8.5%. If the investment is not retired after six years, the preferred dividends increase annually.

The Company provides bridge loan financing to third-party self-storage operators. These notes receivable consist of mortgage loans receivable, which are collateralized by self-storage properties and unsecured mezzanine loans receivable. These notes receivable typically have a term of three years with two one-year extensions, and have variable interest rates. The Company intends to sell a portion of the mortgage receivables. During the nine months ended September 30, 2023 the Company sold a total principal amount of $134,064 of its mortgage bridge loans receivable to third parties for a total of $134,064 in cash, closed on $173,980 in initial loan draws, and recorded $20,981 of draws from interest holdbacks.

The bridge loans typically have a loan to value ratio between 70% and 80%. None of the debt securities or notes receivable are in past-due or nonaccrual status and the allowance for potential credit losses is immaterial.

Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Antidilutive Shares Excluded from Computation of Earnings Per Share

The following table presents the number of Preferred Operating Partnership units as if converted into potential common shares that were excluded from the computation of earnings per share as their effect would have been anti-dilutive.


	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2023	2022	2023	2022
	Equivalent Shares (if converted)	Equivalent Shares (if converted)	Equivalent Shares (if converted)	Equivalent Shares (if converted)
Common OP Units	8,541,775	—	7,661,885	—

Series B Units	250,061	177,506	228,029	181,408
Series D Units	1,409,198	1,118,056	1,287,256	1,089,389
	10,201,034	1,295,562	9,177,170	1,270,797

Schedule of Computation of Earnings Per Common Share

The computation of earnings per common share is as follows for the periods presented:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
Net income attributable to common stockholders	$	188,350	$	220,719	$	587,064	$	656,428
Earnings and dividends allocated to participating securities	(304)		(313)		(931)		(914)
Earnings for basic computations	188,046		220,406		586,133		655,514
Earnings and dividends allocated to participating securities	—		—		—		—
Income allocated to noncontrolling interest - Preferred Operating Partnership Units and Operating Partnership Units	—		12,954		—		37,932
Fixed component of income allocated to noncontrolling interest - Preferred Operating Partnership (Series A Units)	—		(572)		—		(1,716)
Net income for diluted computations	$	188,046	$	232,788	$	586,133	$	691,730

Weighted average common shares outstanding:
Average number of common shares outstanding - basic	195,324,444		133,913,652		155,112,071		134,094,490
OP Units	—		6,709,854		—		6,592,606
Series A Units	—		875,480		—		875,480

Series D Units	—		—		—		—
Unvested restricted stock awards included for treasury stock method	—		—		—		—
Shares related to dilutive stock options	3,576		5,229		4,078		5,269
Average number of common shares outstanding - diluted	195,328,020		141,504,215		155,116,149		141,567,845
Earnings per common share
Basic	$	0.96	$	1.65	$	3.78	$	4.89
Diluted	$	0.96	$	1.65	$	3.78	$	4.89

Fair Value Disclosures

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Disclosures

FAIR VALUE DISCLOSURES

Derivative Financial Instruments

Currently, the Company uses interest rate swaps to manage its interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate forward curves.

The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. In conjunction with the FASB’s fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.

Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. However, as of September 30, 2023, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety were classified in Level 2 of the fair value hierarchy.

The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2023, aggregated by the level in the fair value hierarchy within which those measurements fall.


	Fair Value Measurements at Reporting Date Using
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Other assets - Cash flow hedge swap agreements	$	—	$	48,611	$	—
Other liabilities - Cash flow hedge swap agreements	$	—	$	—	$	—

The Company did not have any significant assets or liabilities that are re-measured on a recurring basis using significant unobservable inputs as of September 30, 2023 or December 31, 2022.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Long-lived assets held for use are evaluated for impairment when events or circumstances indicate there may be impairment. The Company reviews each store at least annually to determine if any such events or circumstances have occurred or exist. The Company focuses on stores where occupancy and/or rental income have decreased by a significant amount. For these stores, the Company determines whether the decrease is temporary or permanent, and whether the store will likely recover the lost occupancy and/or revenue in the short term. In addition, the Company reviews stores in the lease-up stage and compares actual operating results to original projections.

When the Company determines that an event that may indicate impairment has occurred, the Company compares the carrying value of the related long-lived assets to the undiscounted future net operating cash flows attributable to the assets. An impairment loss is recorded if the net carrying value of the assets exceeds the undiscounted future net operating cash flows attributable to the assets. The impairment loss recognized equals the excess of net carrying value over the related fair value of the assets.

The Company evaluates goodwill for impairment at least annually and whenever events, circumstances, and other related factors indicate that the fair value of the related reporting unit may be less than the carrying value. If the fair value of the reporting unit is determined to exceed the aggregate carrying amount, no impairment charge is recorded. Otherwise, an impairment charge is recorded to the extent the carrying amount of the goodwill exceeds the amount that would be allocated to goodwill if the reporting unit were acquired for estimated fair value.

When real estate assets are identified by management as held for sale, the Company discontinues depreciating the assets and estimates the fair value of the assets, net of selling costs. If the estimated fair value, net of selling costs, of the assets that have been identified as held for sale is less than the net carrying value of the assets, the Company would recognize an impairment loss on the assets held for sale. The operations of assets held for sale or sold during the period is presented as part of normal operations for all periods presented. As of September 30, 2023, the Company had no stores classified as held for sale which are included in real estate assets, net.

The Company assesses annually whether there are any indicators that the value of the Company’s investments in unconsolidated real estate ventures may be impaired and when events or circumstances indicate that there may be impairment. An investment is impaired if management’s estimate of the fair value of the investment is less than its carrying value. To the extent impairment has occurred, and is considered to be other than temporary, the loss is measured as the excess of the carrying amount of the investment over the fair value of the investment.

In connection with the Company’s acquisition of stores, the purchase price is allocated to the tangible and intangible assets and liabilities acquired based on their relative fair values, which are estimated using significant unobservable inputs. The value of the tangible assets, consisting of land and buildings, is determined as if vacant. Intangible assets, which represent the value of existing tenant relationships, are recorded at their fair values based on the avoided cost to replace the current leases. The Company measures the value of tenant relationships based on the rent lost due to the amount of time required to replace existing customers, which is based on the Company’s historical experience with turnover in its stores. Any debt assumed as part of an acquisition is recorded at fair value based on current interest rates compared to contractual rates. Acquisition-related transaction costs are capitalized as part of the purchase price. For acquisitions that meet the definition of a business, the Company estimates the fair value of the identifiable assets and liabilities of the acquired entity on the acquisition date. Goodwill is measured as the excess of consideration transferred over the net of the acquisition date fair values of the identifiable assets acquired and liabilities assumed. Acquisition-related expenses arising from the transaction are expensed as incurred. The Company includes the results of operations of the businesses that it acquires beginning on the acquisition date.

Fair Value of Financial Instruments

The carrying values of cash and cash equivalents, restricted cash, receivables, other financial instruments included in other assets, accounts payable and accrued expenses, variable-rate notes payable, investments in debt securities and notes receivable, lines of credit and other liabilities reflected in the condensed consolidated balance sheets at September 30, 2023 and December 31, 2022 approximate fair value. Restricted cash is comprised of funds deposited with financial institutions located throughout the United States primarily relating to earnest money deposits on potential acquisitions.

The fair values of the Company’s notes receivable from Preferred and Common Operating Partnership unit holders and other fixed rate notes receivable were based on the discounted estimated future cash flows of the notes (categorized within Level 3 of the fair value hierarchy); the discount rate used approximated the current market rate for loans with similar maturities and credit quality. The fair values of the Company’s fixed-rate notes payable were estimated using the discounted estimated future cash payments to be made on such debt (categorized within Level 3 of the fair value hierarchy); the discount rates used approximated current market rates for loans, or groups of loans, with similar maturities and credit quality.

The fair values of the Company’s fixed-rate assets and liabilities were as follows for the periods indicated:


	September 30, 2023				December 31, 2022
	Fair Value		Carrying Value		Fair Value		Carrying Value
Notes receivable from Preferred and Common Operating Partnership unit holders	$	1,885	$	1,900	$	95,965	$	101,900
Fixed rate notes receivable	$	889	$	900	$	5,191	$	5,241
Fixed rate debt	$	6,695,430	$	7,654,623	$	4,320,014	$	4,762,196

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Debt - Schedule of Information on Lines of Credit (Details)	9 Months Ended
	Sep. 30, 2023 USD ($) extension_option	Aug. 11, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jul. 31, 2022 USD ($)
Debt Instrument [Line Items]
Amount Drawn	$ 623,000,000		$ 945,000,000
Line of Credit
Debt Instrument [Line Items]
Number of extensions available \| extension_option	2
Extension term	6 months
Line of Credit \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Lines Of Credit
Debt Instrument [Line Items]
Amount Drawn	$ 623,000,000
Capacity	2,140,000,000
Credit Line 1
Debt Instrument [Line Items]
Amount Drawn	0
Capacity	$ 140,000,000
Interest Rate	6.66%
Number of extensions available \| extension_option	1
Extension term	1 year
Credit Line 1 \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	1.35%
Credit Line 2
Debt Instrument [Line Items]
Amount Drawn	$ 623,000,000
Capacity	$ 2,000,000,000	$ 60,000,000
Interest Rate	6.19%
Number of extensions available \| extension_option	2
Extension term	6 months
Credit Line 2 \| ASOFR
Debt Instrument [Line Items]
Basis spread on variable rate	0.775%
Unsecured Debt Tranche One \| Line of Credit
Debt Instrument [Line Items]
Capacity				$ 175,000,000
Unsecured Debt Tranche Two \| Line of Credit
Debt Instrument [Line Items]
Capacity				$ 425,000,000

Condensed Consolidated Statement of Noncontrolling Interests and Equity - USD ($) $ in Thousands	Total	Series D Units	Redemption of Operating Partnership units for cash	Redemption of Operating Partnership units for cash Series B Units	Redemption Of Units For Common Stock	Redemption Of Units For Common Stock Series A Units	Redemption Of Units For Common Stock Series D Units	Noncontrolling Interest - Preferred Operating Partnership	Noncontrolling Interest - Preferred Operating Partnership Series D Units	Noncontrolling Interest - Preferred Operating Partnership Redemption of Operating Partnership units for cash Series B Units	Noncontrolling Interest - Preferred Operating Partnership Redemption Of Units For Common Stock Series A Units	Noncontrolling Interest - Preferred Operating Partnership Redemption Of Units For Common Stock Series D Units	Noncontrolling Interest - Operating Partnership	Noncontrolling Interest - Operating Partnership Redemption of Operating Partnership units for cash	Noncontrolling Interest - Operating Partnership Redemption Of Units For Common Stock	Noncontrolling Interest - Other	Common stock	Common stock Redemption Of Units For Common Stock	Common stock Redemption Of Units For Common Stock Series A Units	Common stock Redemption Of Units For Common Stock Series D Units	Additional Paid-in Capital	Additional Paid-in Capital Redemption of Operating Partnership units for cash	Additional Paid-in Capital Redemption Of Units For Common Stock	Additional Paid-in Capital Redemption Of Units For Common Stock Series A Units	Additional Paid-in Capital Redemption Of Units For Common Stock Series D Units	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Balance, beginning of period at Dec. 31, 2021	$ 3,785,976							$ 259,110					$ 410,053			$ 317	$ 1,339				$ 3,285,948					$ (42,546)	$ (128,245)
Balance, beginning of period (in shares) at Dec. 31, 2021																	133,922,305
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with share based compensation (in shares)																	200,454
Issuance of common stock in connection with share based compensation	15,433																$ 2				15,431
Restricted stock grants cancelled (in shares)																	(9,702)
Redemption of Operating Partnership units			$ (3,504)	$ (4,500)						$ (4,500)				$ (1,125)								$ (2,379)
Noncontrolling interest in consolidated joint ventures	338															338
Operating Partnership units in conjunction with business combinations (in shares)	16,000	$ 6,000							$ 6,000				16,000
Issuance of Operating Partnership units in conjunction with acquisitions	125,000												125,000
Issuance of common stock in conjunction with acquisitions (in shares)																	186,766
Issuance of common stock in conjunction with acquisitions	40,963																$ 2				40,961
Repurchase of common stock, net of offering costs (in shares)																	381,786
Repurchase of common stock, net of offering costs	(63,008)																$ (4)										(63,004)
Net income	701,677							13,278					31,971														656,428
Other comprehensive income (loss)	95,984							578					4,339													91,067
Distributions to Operating Partnership units held by noncontrolling interests	(42,632)							(12,972)					(29,660)
Dividends paid on common stock	(604,429)																										(604,429)
Balance, end of period at Sep. 30, 2022	4,069,298							261,494					556,578			655	$ 1,339				3,339,961					48,521	(139,250)
Balance, end of period (in shares) at Sep. 30, 2022																	133,918,037
Balance, beginning of period at Dec. 31, 2021	$ 3,785,976							259,110					410,053			317	$ 1,339				3,285,948					(42,546)	(128,245)
Balance, beginning of period (in shares) at Dec. 31, 2021																	133,922,305
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common stock, net of offering costs (in shares)	(381,786)
Repurchase of common stock, net of offering costs	$ (63,008)
Balance, end of period at Dec. 31, 2022	$ 4,078,274							261,502					556,095			1,080	$ 1,339				3,345,332					48,798	(135,872)
Balance, end of period (in shares) at Dec. 31, 2022	133,921,020																133,921,020
Balance, beginning of period at Jun. 30, 2022	$ 3,893,240							261,231					429,572			317	$ 1,339				3,334,317					25,555	(159,091)
Balance, beginning of period (in shares) at Jun. 30, 2022																	133,900,184
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with share based compensation (in shares)																	19,654
Issuance of common stock in connection with share based compensation	5,644																				5,644
Restricted stock grants cancelled (in shares)																	(1,801)
Noncontrolling interest in consolidated joint ventures	338															338
Issuance of Operating Partnership units in conjunction with acquisitions	125,000												125,000
Net income	236,126							4,454					10,953														220,719
Other comprehensive income (loss)	24,222							145					1,111													22,966
Distributions to Operating Partnership units held by noncontrolling interests	(14,394)							(4,336)					(10,058)
Dividends paid on common stock	(200,878)																										(200,878)
Balance, end of period at Sep. 30, 2022	4,069,298							261,494					556,578			655	$ 1,339				3,339,961					48,521	(139,250)
Balance, end of period (in shares) at Sep. 30, 2022																	133,918,037
Balance, beginning of period at Dec. 31, 2022	$ 4,078,274							261,502					556,095			1,080	$ 1,339				3,345,332					48,798	(135,872)
Balance, beginning of period (in shares) at Dec. 31, 2022	133,921,020																133,921,020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with share based compensation (in shares)																	144,640
Issuance of common stock in connection with share based compensation	$ 19,433																$ 2				19,431
Taxes paid upon settlement of share based compensation (in shares)																	(8,074)
Taxes paid upon net settlement of share based compensation	(7,606)																				(7,606)
Restricted stock grants cancelled (in shares)																	(6,983)
Redemption of Operating Partnership units					$ 0	$ (5,316)	$ 0				$ (16,339)	$ (22,064)			$ (163)				$ 8	$ 2			$ 163	$ 11,015	$ 22,062
Redemption of Operating Partnership units (in shares)																		2,119	851,698	154,307
Life Storage Merger issuance of common stock and Operating Partnership units	11,602,808												249,470				$ 762				11,352,576
Life Storage Merger issuance of common stock and Operating Partnership units (in shares)																	76,217,359
Noncontrolling interest in consolidated joint ventures	$ 7,309															7,309
Repurchase of common stock, net of offering costs (in shares)	0
Net income	$ 623,046							6,761					29,353			(132)											587,064
Other comprehensive income (loss)	(4,175)												(289)													(3,886)
Distributions to Operating Partnership units held by noncontrolling interests	(43,003)							(6,921)					(36,082)
Dividends paid on common stock	(704,069)																										(704,069)
Balance, end of period at Sep. 30, 2023	$ 15,566,701							222,939					798,384			8,257	$ 2,113				14,742,973					44,912	(252,877)
Balance, end of period (in shares) at Sep. 30, 2023	211,276,086																211,276,086
Balance, beginning of period at Jun. 30, 2023	$ 4,035,407							222,940					553,610			3,079	$ 1,351				3,383,303					47,065	(175,941)
Balance, beginning of period (in shares) at Jun. 30, 2023																	135,058,897
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock in connection with share based compensation (in shares)																	1,253
Issuance of common stock in connection with share based compensation	6,994																				6,994
Taxes paid upon settlement of share based compensation (in shares)																	(414)
Taxes paid upon net settlement of share based compensation	(63)																				(63)
Restricted stock grants cancelled (in shares)																	(3,128)
Redemption of Operating Partnership units					$ 0										$ (163)								$ 163
Redemption of Operating Partnership units (in shares)																		2,119
Life Storage Merger issuance of common stock and Operating Partnership units	11,602,808												249,470				$ 762				11,352,576
Life Storage Merger issuance of common stock and Operating Partnership units (in shares)																	76,217,359
Noncontrolling interest in consolidated joint ventures	5,209															5,209
Net income	198,856							2,253					8,284			(31)											188,350
Other comprehensive income (loss)	(2,264)												(111)													(2,153)
Distributions to Operating Partnership units held by noncontrolling interests	(14,960)							(2,254)					(12,706)
Dividends paid on common stock	(265,286)																										(265,286)
Balance, end of period at Sep. 30, 2023	$ 15,566,701							$ 222,939					$ 798,384			$ 8,257	$ 2,113				$ 14,742,973					$ 44,912	$ (252,877)
Balance, end of period (in shares) at Sep. 30, 2023	211,276,086																211,276,086

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIESAs of September 30, 2023, the Company was involved in various legal proceedings and was subject to various claims and complaints arising in the ordinary course of business. Because litigation is inherently unpredictable, the outcome of these matters cannot presently be determined with any degree of certainty. In accordance with applicable accounting guidance, management establishes an accrued liability for litigation when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. The estimated loss, if any, is based upon currently available information and is subject to significant judgment, a variety of assumptions, and known and unknown uncertainties. The Company could in the future incur judgments or enter into settlements of claims that could have a material adverse effect on its results of operations in any particular period, notwithstanding the fact that the Company is currently vigorously defending any legal proceedings against it. As of September 30, 2023, the Company was under agreement to acquire 15 stores at a total purchase price of $199,770. Nine stores are scheduled to close in 2023 and six stores are scheduled to close in 2024. Additionally, the Company is under agreement to acquire two stores with joint venture partners, for a total investment of $2,864. One store is scheduled to close in 2023 and one store is scheduled to close in 2024. Although there can be no assurance, the Company is not aware of any material environmental liability, for which it believes it will be ultimately responsible, that could have a material adverse effect on its financial condition or results of operations. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s stores, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to its stores could result in future material environmental liabilities.

Acquisitions and Dispositions - Asset Acquisition, Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Asset Acquisition [Line Items]
Trade name	$ 50,000	$ 50,000	$ 0
Life Storage, Inc
Asset Acquisition [Line Items]
Trade name	50,000	50,000
Intangible assets - other, Gross Carrying Amount	82,000	82,000
Gross Carrying Amount	132,000	132,000
Accumulated Amortization	4,723	4,723
Amortization Expense	4,723	4,723
2024	23,375	23,375
2025	19,833	19,833
2026	$ 11,569	$ 11,569

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income	$ 623,046	$ 701,677
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	309,914	208,396
Amortization of deferred financing costs	9,716	6,352
Non-cash interest expense related to fair value of Life Storage public bonds and amortization of discount on equity portion of exchangeable senior notes	8,228	0
Non-cash lease expense	1,448	1,441
Compensation expense related to stock-based awards	19,433	15,431
Accrual of interest income added to principal of debt securities and notes receivable	(30,127)	(28,514)
Gain on real estate transactions	0	(14,249)
Distributions from unconsolidated real estate ventures	11,484	9,380
Changes in operating assets and liabilities:
Other assets	(33,123)	(4,207)
Accounts payable and accrued expenses	134,310	48,898
Other liabilities	(16,370)	3,416
Net cash provided by operating activities	1,037,959	948,021
Cash flows from investing activities:
Acquisition of real estate assets and improvements	(197,333)	(1,124,777)
Life Storage Merger, net of cash acquired	(1,182,411)	0
Cash paid for business combination	0	(157,301)
Development and redevelopment of real estate assets	(66,533)	(31,652)
Proceeds from sale of real estate assets and investments in real estate ventures	2,132	39,367
Investment in unconsolidated real estate entities	(179,258)	(102,670)
Return of investment in unconsolidated real estate ventures	0	342
Issuance and purchase of notes receivable	(210,712)	(314,542)
Principal payments received from notes receivable	73,514	264,774
Proceeds from sale of notes receivable	134,064	203,695
Purchase of equipment and fixtures	(9,515)	(19,490)
Net cash used in investing activities	(1,636,052)	(1,242,254)
Cash flows from financing activities:
Proceeds from notes payable and revolving lines of credit	5,194,665	3,983,865
Principal payments on notes payable and revolving lines of credit	(4,617,755)	(3,341,881)
Proceeds from issuance of public bonds, net	950,000	396,100
Deferred financing costs	(51,359)	(7,618)
Repurchase of common stock	0	(63,008)
Redemption of Operating Partnership units held by noncontrolling interests	0	(3,504)
Dividends paid on common stock	(704,069)	(604,429)
Distributions to noncontrolling interests	(43,003)	(42,632)
Net cash provided by financing activities	723,479	312,393
Net increase in cash, cash equivalents, and restricted cash	125,386	18,160
Cash, cash equivalents, and restricted cash, beginning of the period	97,735	76,194
Cash, cash equivalents, and restricted cash, end of the period	223,121	94,354
Cash and cash equivalents	216,121	86,991
Restricted cash	7,000	7,363
Total	223,121	94,354
Supplemental schedule of cash flow information
Interest paid	207,569	137,683
Income taxes paid	20,222	14,489
Redemption of Operating Partnership units held by noncontrolling interests for common stock
Noncontrolling interests in Operating Partnership	116,336	0
Common stock and paid-in capital	(11,336)	0
Noncontrolling interests in Operating Partnership Note Receivable Payoff	(100,000)	0
OP Unit Redemption - Cash Proceeds	(5,000)	0
Acquisition and establishment of operating lease right of use assets and lease liabilities
Real estate assets - operating lease right-of-use assets	265	1,689
Operating lease liabilities	(265)	(1,689)
Acquisitions of real estate assets
Real estate assets, net	0	173,873
Value of equity issued	0	(165,965)
Investment in unconsolidated real estate ventures	0	(1,085)
Finance lease liability	0	(6,823)
Life Storage Merger real estate assets
Real estate assets, net	13,575,501	0
Accounts payable, accrued expenses and other liabilities	(191,077)	0
Equity investment in joint venture partnerships	325,250	0
Accrued construction costs and capital expenditures
Acquisition of real estate assets	6,835	368
Accounts payable and accrued expenses	(6,835)	(368)
Redemption of Preferred Operating Partnership units for common stock
Preferred Operating Partnership units	33,403	0
Additional paid-in capital	(33,403)	0
Life Storage, Inc
Life Storage Merger real estate assets
Unsecured senior notes	(2,106,866)
Series A Units
Cash flows from financing activities:
Redemption of Preferred A Units for cash	(5,000)	0
Series B Units
Cash flows from financing activities:
Redemption of Preferred A Units for cash	0	(4,500)
Preferred OP Units
Issuance of OP and Preferred OP units in conjunction with business combination
OP units issued	0	(6,000)
Common OP Units
Issuance of OP and Preferred OP units in conjunction with business combination
OP units issued	0	(16,000)
Common stock
Life Storage Merger real estate assets
Value of Preferred Operating Partnership units issued	(11,353,338)	0
Noncontrolling Interest - Operating Partnership
Life Storage Merger real estate assets
Value of Preferred Operating Partnership units issued	$ (249,470)	$ 0

Derivatives (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of balance sheet classification and fair value of entity's derivative financial instruments

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the condensed consolidated balance sheets:


	Asset / Liability Derivatives
Derivatives designated as hedging instruments:	September 30, 2023		December 31, 2022
Other assets	$	48,611	$	54,839
Other liabilities	$	—	$	73

Schedule of information relating to gain (loss) recognized on swap agreements

The table below presents the effect of the Company’s derivative financial instruments on the condensed consolidated statements of operations for the periods presented. No tax effect has been presented as the derivative instruments are held by the Company:


	Gain (loss) recognized in OCI for the Three Months Ended September 30,				Location of amounts reclassified from OCI into income	Gain (loss) reclassified from OCI for the Three Months Ended September 30,
Type	2023		2022			2023		2022
Swap Agreements	$	9,146	$	25,350	Interest expense	$	11,415	$	1,131


	Gain (loss) recognized in OCI for the Nine Months Ended September 30,				Location of amounts reclassified from OCI into income	Gain (loss) reclassified from OCI for the Nine Months Ended September 30,
Type	2023		2022			2023		2022
Swap Agreements	$	27,212	$	82,449	Interest expense	$	31,398	$	(13,536)

Organization (Detail)	Sep. 30, 2023 store state
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating storage facilities in which the entity has equity interests (in stores)	2,369
Number of stores owned by franchisees and third parties	1,282
Number of operating stores owned and/or managed	3,651
Number of states in which operating storage facilities are located \| state	42

Investments in Unconsolidated Real Estate Entities

9 Months Ended

Sep. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Real Estate Entities

INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES

Investments in unconsolidated real estate entities and cash distributions in unconsolidated real estate ventures represent the Company's interest in preferred stock of SmartStop Self Storage REIT, Inc. ("SmartStop") and Strategic Storage Trust VI, Inc. ("Strategic Storage"), an affiliate of SmartStop, and the Company's noncontrolling interest in real estate joint ventures that own stores. The Company accounts for its investment in SmartStop preferred stock, which does not have a readily determinable fair value, at the transaction price less impairment, if any. The Company accounts for its investments in joint ventures using the equity method of accounting. The Company initially records these investments at cost and subsequently adjusts for cash contributions, distributions and net equity in income or loss, which is allocated in accordance with the provisions of the applicable partnership or joint venture agreement.

In these joint ventures, the Company and the joint venture partner generally receive a preferred return on their invested capital. To the extent that cash or profits in excess of these preferred returns are generated through operations or capital transactions, the Company would receive a higher percentage of the excess cash or profits than its equity interest.

The Company separately reports investments with net equity less than zero in cash distributions in unconsolidated real estate ventures in the condensed consolidated balance sheets. The net equity of certain joint ventures is less than zero because distributions have exceeded the Company's investment in and share of income from these joint ventures. This is generally the result of financing distributions, capital events or operating distributions that are usually greater than net income, as net income includes non-cash charges for depreciation and amortization while distributions do not.

Net investments in unconsolidated real estate ventures and cash distributions in unconsolidated real estate ventures consist of the following:


	Number of Stores	Equity Ownership %	Excess Profit % (1)	September 30,		December 31,
				2023		2022
PRISA Self Storage LLC	84	4%	4%	$	8,475	$	8,596
Sovran HHF Storage Holdings LLC	37	20%	20%	106,509		—
Storage Portfolio II JV LLC	36	10%	30%	(7,724)		(7,200)
Storage Portfolio IV JV LLC	32	10%	30%	48,261		49,139
Storage Portfolio I LLC	24	34%	49%	(42,061)		(41,372)
PR II EXR JV LLC	23	25%	25%	108,716		110,172
Sovran HHF Storage Holdings II LLC	22	15%	15%	42,220		—
Life Storage-HIERS Storage LLC	17	20%	20%	26,237		—
191 V Life Storage Holdings LLC	17	20%	20%	13,410		—
ESS-CA TIVS JV LP	16	55%	59%	29,610		30,778
VRS Self Storage, LLC	16	45%	55%	(15,932)		(15,399)
Life Storage HHF Wasatch Holdings LLC	16	20%	20%	20,568		—
GII Life Storage Holdings	13	35%	35%	18,189		—
ARA-EXR JV LLC	12	10%	30%	18,967		19,137
ESS-NYFL JV LP	11	16%	26%	10,880		11,332
Extra Space Northern Properties Six LLC	10	10%	35%	(3,728)		(3,382)
Alan Jathoo JV LLC	9	10%	10%	7,258		7,414
ESS Bristol Investments LLC	8	10%	30%	1,979		2,110
ESS - BGO Atlanta GA JV LLC	8	20%	35%	35,037		30,467
Storage Portfolio V JV LLC	7	10%	30%	9,561		9,517
ESS - BGO Storage JV I LLC	6	20%	35%	22,572		7,466
Life Storage Spacemax, LLC	6	40%	40%	33,730		—
PR EXR Self Storage, LLC	5	25%	40%	57,797		58,476
Storage Portfolio III JV LLC	5	10%	30%	5,378		5,467
Lake Wobegon Storage LLC	5	50%	50%	8,150		3,441
Other unconsolidated real estate ventures	26	10%-50%	10%-50%	94,045		28,901
SmartStop Self Storage REIT, Inc. Preferred Stock (2)	n/a	n/a	n/a	200,000		200,000
Strategic Storage Trust VI, Inc. Preferred Stock (3)	n/a	n/a	n/a	150,000		—
Net Investments in and Cash distributions in unconsolidated real estate entities	471			$	1,008,104	$	515,060

(1) Includes pro-rata equity ownership share and maximum potential promoted interest.

(2) In October 2019, the Company invested $200,000 in shares of convertible preferred stock of SmartStop with a dividend rate of 6.25% per annum, subject to increase after five years. The preferred shares are generally not redeemable for five years, except in the case of a change of control or initial listing of SmartStop. Dividend income from this investment is included on the equity in earnings and dividend income from unconsolidated real estate entities line on the Company's condensed consolidated statements of operations.

(3) In May 2023, the Company invested $150,000 in shares of convertible preferred stock of Strategic Storage with a dividend rate of 8.35% per annum, subject to increase after five years. The preferred shares are generally not redeemable for three years, except in the case of a change of control or initial listing of Strategic Storage. Dividend income from this investment is included on the equity in earnings and dividend income from unconsolidated real estate entities line on the Company's condensed consolidated statements of operations.

During the nine months ended September 30, 2023, the Company contributed a total of $28,611 of cash to its joint ventures (not including joint ventures added as a result of the Life Storage Merger), for its pro-rata portion of the purchase price of seven operating stores.

Commitments and Contingencies (Detail) $ in Thousands	Sep. 30, 2023 USD ($) store
Commitment to acquire stores
Other Commitments [Line Items]
Number of real estate properties to be acquired	15
Purchase price \| $	$ 199,770
Commitment to acquire stores, scheduled to close in current fiscal year
Other Commitments [Line Items]
Number of real estate properties to be acquired	9
Commitment to acquire stores, scheduled to close in next fiscal year
Other Commitments [Line Items]
Number of real estate properties to be acquired	6
Commitment to acquire stores with joint venture partners
Other Commitments [Line Items]
Number of real estate properties to be acquired	2
Purchase price \| $	$ 2,864
Commitment to acquire stores with joint venture partners, scheduled to close in current fiscal year
Other Commitments [Line Items]
Number of real estate properties to be acquired	1
Commitment to acquire stores with joint venture partners, scheduled to close in next fiscal year
Other Commitments [Line Items]
Number of real estate properties to be acquired	1

Earnings Per Common Share - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Average share price (in dollars per share)	$ 134.24	$ 189.11
Series A Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Exchangeable preferred operating partnership units settled in cash, minimum	$ 101,700

Acquisitions and Dispositions - Asset Acquisition - Life Storage (Details) - USD ($) $ in Thousands		3 Months Ended						9 Months Ended
	Jul. 20, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Asset Acquisition [Line Items]
Total consideration		$ 18,664	$ 32,914	$ 13,117	$ 762,153	$ 228,567	$ 227,896	$ 64,695	$ 1,218,616
Equity investment in joint venture partnerships								325,250	0
Accounts payable, accrued expenses and other liabilities								(191,077)	0
Life Storage, Inc
Asset Acquisition [Line Items]
Equity	$ 11,602,808
Cash for payoff of Life Storage credit facility and debt	1,192,000
Transaction Costs	55,318
Total consideration	12,850,127
Real estate assets	14,587,735
Equity investment in joint venture partnerships	325,250
Cash and other assets	107,423
Intangible assets - other	82,000
Trade name	50,000
Unsecured senior notes	(2,106,866)							$ (2,106,866)
Accounts payable, accrued expenses and other liabilities	(191,077)
Noncontrolling interests	(4,338)
Fair value of net assets acquired	12,850,127
Life Storage, Inc \| Common stock
Asset Acquisition [Line Items]
Equity	11,353,338
Life Storage, Inc \| OP units
Asset Acquisition [Line Items]
Equity	$ 249,470

Segment Information - Additional Information (Detail)	9 Months Ended
Segment Information - Additional Information (Detail)	Sep. 30, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Fair Value Disclosures (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis


	Fair Value Measurements at Reporting Date Using
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Other assets - Cash flow hedge swap agreements	$	—	$	48,611	$	—
Other liabilities - Cash flow hedge swap agreements	$	—	$	—	$	—

Schedule of Fair Value of Financial Instruments

The fair values of the Company’s fixed-rate assets and liabilities were as follows for the periods indicated:


	September 30, 2023				December 31, 2022
	Fair Value		Carrying Value		Fair Value		Carrying Value
Notes receivable from Preferred and Common Operating Partnership unit holders	$	1,885	$	1,900	$	95,965	$	101,900
Fixed rate notes receivable	$	889	$	900	$	5,191	$	5,241
Fixed rate debt	$	6,695,430	$	7,654,623	$	4,320,014	$	4,762,196

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 198,856	$ 236,126	$ 623,046	$ 701,677
Other comprehensive income:
Change in fair value of interest rate swaps	(2,264)	24,222	(4,175)	95,984
Total comprehensive income	196,592	260,348	618,871	797,661
Less: comprehensive income attributable to noncontrolling interests	10,395	16,663	35,693	50,166
Comprehensive income attributable to common stockholders	$ 186,197	$ 243,685	$ 583,178	$ 747,495

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480767/946-205-45-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(16))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-19

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 29: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 33: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4J
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4J

Reference 34: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4K
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4K

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-2

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

Investments, Debt and Equity Securities [Abstract]

Acquisitions and Dispositions - Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Jun. 01, 2022
Business Acquisition [Line Items]
Goodwill	$ 170,811	$ 170,811
Bargold
Business Acquisition [Line Items]
Cash and cash equivalents			$ 175
Fixed assets			6,411
Other assets			125
Accounts payables and accrued liabilities assumed			(1,090)
Nets asset acquired			8,491
Goodwill			170,811
Total assets acquired			179,302
Bargold \| Developed technology
Business Acquisition [Line Items]
Finite-lived intangible assets			500
Bargold \| Trademarks
Business Acquisition [Line Items]
Finite-lived intangible assets			500
Bargold \| Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible assets			$ 1,870

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Real estate assets, net	$ 24,556,678	$ 9,997,978
Real estate assets - operating lease right-of-use assets	248,483	221,725
Investments in unconsolidated real estate entities	1,077,548	582,412
Investments in debt securities and notes receivable	891,311	858,049
Cash and cash equivalents	216,121	92,868
Other assets, net	635,677	414,426
Total assets	27,625,818	12,167,458
Liabilities, Noncontrolling Interests and Equity:
Notes payable, net	1,276,555	1,288,555
Unsecured term loans, net	3,247,076	2,340,116
Unsecured senior notes, net	5,805,448	2,757,791
Revolving lines of credit	623,000	945,000
Operating lease liabilities	242,441	229,035
Cash distributions in unconsolidated real estate ventures	69,445	67,352
Accounts payable and accrued expenses	430,124	171,680
Other liabilities	365,028	289,655
Total liabilities	12,059,117	8,089,184
Commitments and contingencies
Extra Space Storage Inc. stockholders' equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued or outstanding	0	0
Common stock, $0.01 par value, 500,000,000 shares authorized, 211,276,086 and 133,921,020 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively	2,113	1,339
Additional paid-in capital	14,742,973	3,345,332
Accumulated other comprehensive income	44,912	48,798
Accumulated deficit	(252,877)	(135,872)
Total Extra Space Storage Inc. stockholders' equity	14,537,121	3,259,597
Noncontrolling interest represented by Preferred Operating Partnership units, net	222,939	261,502
Noncontrolling interests in Operating Partnership, net and other noncontrolling interests	806,641	557,175
Total noncontrolling interests and equity	15,566,701	4,078,274
Total liabilities, noncontrolling interests and equity	$ 27,625,818	$ 12,167,458

Investments in Debt Securities and Notes Receivable (Tables)

9 Months Ended

Sep. 30, 2023

Investments in Debt Securities and Bridge Loans Receivable

Information about these balances is as follows:


	September 30, 2023		December 31, 2022
Debt securities - NexPoint Preferred Stock	$	300,000	$	300,000
Notes Receivable - Bridge Loans	533,000		491,879

Dividends and Interest Receivable	58,311		66,170
	$	891,311	$	858,049

Earnings Per Common Share - Antidilutive Shares (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per common share (in shares)	10,201,034	1,295,562	9,177,170	1,270,797
Common OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per common share (in shares)	8,541,775	0	7,661,885	0
Series B Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per common share (in shares)	250,061	177,506	228,029	181,408
Series D Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per common share (in shares)	1,409,198	1,118,056	1,287,256	1,089,389

Investments in Debt Securities and Notes Receivable - Additional Information (Details) $ in Thousands	1 Months Ended		9 Months Ended
	Dec. 31, 2022 USD ($) shares	Nov. 30, 2020 USD ($) extension_option shares	Sep. 30, 2023 USD ($) extension_option	Sep. 30, 2022 USD ($)
Schedule of Held-to-maturity Securities [Line Items]
Investment in debt securities		$ 300,000
Debt securities, term		6 years
Debt securities, extension option \| extension_option		2
Debt securities, extension term		1 year
Debt securities, period after which preferred dividends increase annually		6 years
Bridge loans, extension option \| extension_option			2
Bridge loans, extension term			1 year
Proceeds from sale of notes receivable			$ 134,064	$ 203,695
Payments for issuance/purchase of notes receivable			$ 210,712	$ 314,542
Minimum
Schedule of Held-to-maturity Securities [Line Items]
Loan to value ratio			700
Maximum
Schedule of Held-to-maturity Securities [Line Items]
Loan to value ratio			800
Notes Receivable-Bridge Loans
Schedule of Held-to-maturity Securities [Line Items]
Bridge loans, original maturities			3 years
Principle amount sold			$ (134,064)
Proceeds from sale of notes receivable			134,064
Payments for issuance/purchase of notes receivable			173,980
Payment of draws from interest holdbacks			$ 20,981
JCAP Series A Preferred Stock
Schedule of Held-to-maturity Securities [Line Items]
Investment in debt securities		$ 200,000
Investment in debt securities (in shares) \| shares		200,000
Debt securities, dividend rate		8.50%
JCAP Series B Preferred Stock
Schedule of Held-to-maturity Securities [Line Items]
Investment in debt securities		$ 100,000
Investment in debt securities (in shares) \| shares		100,000
JCAP Series D Preferred Stock
Schedule of Held-to-maturity Securities [Line Items]
Shares exchanged (in shares) \| shares	300,000
Shares exchanged, value	$ 300,000

Derivatives - Gain (Loss) Recognized on Swap Agreements (Detail) - Swap Agreements - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative [Line Items]
Gain (loss) recognized in OCI	$ 9,146	$ 25,350	$ 27,212	$ 82,449
Gain (loss) reclassified from OCI	$ 11,415	$ 1,131	$ 31,398	$ (13,536)

Acquisitions and Dispositions - Asset Acquisitions - Schedule of Operating Properties Acquired (Details) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023 USD ($) store	Jun. 30, 2023 USD ($) store	Mar. 31, 2023 USD ($) store	Sep. 30, 2022 USD ($) store	Jun. 30, 2022 USD ($) store	Mar. 31, 2022 USD ($) store	Sep. 30, 2023 USD ($) store	Sep. 30, 2022 USD ($) store
Business Combination and Asset Acquisition [Abstract]
Number of Stores \| store	3	3	1	118	15	14	7	147
Cash Paid	$ 18,578	$ 32,888	$ 13,111	$ 639,106	$ 220,933	$ 185,910	$ 64,577	$ 1,045,949
Finance Lease Liability	0	0	0	0	6,823	0	0	6,823
Investment in unconsolidated real estate ventures	0	0	0	338	0	747	0	1,085
Net Liabilities/ (Assets) Assumed	86	26	6	(2,291)	811	274	118	(1,206)
Value of units issued	0	0	0	125,000	0	40,965	0	165,965
Total	$ 18,664	$ 32,914	$ 13,117	$ 762,153	$ 228,567	$ 227,896	$ 64,695	$ 1,218,616

Organization	9 Months Ended
Organization	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	ORGANIZATION Extra Space Storage Inc. (the “Company”) is a fully integrated, self-administered and self-managed REIT, formed as a Maryland corporation on April 30, 2004, to own, operate, manage, acquire, develop and redevelop self-storage properties ("stores") located throughout the United States. The Company was formed to continue the business of Extra Space Storage LLC and its subsidiaries, which had engaged in the self-storage business since 1977. The Company’s interest in its stores is held through its operating partnership, Extra Space Storage LP (the “Operating Partnership”), which was formed on May 5, 2004. The Company’s primary assets are general partner and limited partner interests in the Operating Partnership, which meets the definition of a variable interest entity and is consolidated. This structure is commonly referred to as an umbrella partnership REIT, or UPREIT. The Company invests in stores by acquiring wholly-owned stores or by acquiring an equity interest in real estate entities. At September 30, 2023, the Company had direct and indirect equity interests in 2,369 stores. In addition, the Company managed 1,282 stores for third parties, bringing the total number of stores which it owns and/or manages to 3,651. These stores are located in 42 states and Washington, D.C. The Company also offers tenant reinsurance at its owned and managed stores that insures the value of goods in the storage units.

Acquisitions and Dispositions - Revenues and Earnings of Acquired Company (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Total revenues	$ 1,930,816	$ 1,592,021
Bargold
Business Acquisition [Line Items]
Total revenues	9,374
Net income from operations	$ 1,718

Acquisitions and Dispositions

9 Months Ended

Sep. 30, 2023

Acquisitions and Dispositions

ACQUISITIONS AND DISPOSITIONS

The Life Storage Merger

On July 20, 2023, the Company closed its merger with Life Storage (the "Life Storage Merger" or "Merger"). Under the terms of the Life Storage Merger, Life Storage stockholders and holders of units of the Life Storage operating partnership received 0.895 of a share of common stock (or OP Unit, as applicable) of the Company for each issued and outstanding share (or operating partnership unit) of Life Storage they owned for total consideration of $11,602,808, based on the Company's closing share price on July 19, 2023. At closing, the Company retired $1,160,000 in balances on Life Storage's line of credit which included $375,000 that Life Storage used to pay off its private placement notes in connection with the closing of the Life Storage Merger. The Company also paid off $32,000 in secured loans. On July 25, 2023, the Company completed obligor exchange offers and consent solicitations (together the "Exchange Offers") related to Life Storage's various senior notes. Upon the closing of the Exchange Offers, a total of $2,351,100 of Life Storage's senior notes were exchanged for senior notes of the same tenor of Extra Space Storage L.P. The remaining Life Storage senior note balances which were not exchanged total $48,900 and no longer have any financial reporting requirements or covenants.

Consideration and Purchase Price Allocation

The Merger was accounted for as an asset acquisition in accordance with ASC Topic 805 which requires that the cost of an acquisition be allocated on a relative fair value basis to the assets acquired and the liabilities assumed. The following table summarizes the fair value of total consideration transferred in the Life Storage Merger:


Consideration Type	July 20, 2023
Common stock	$	11,353,338
OP units	249,470
Cash for payoff of Life Storage credit facility and debt	1,192,000
Transaction Costs	55,318
Total consideration	$	12,850,127

The following table summarizes the estimated fair values assigned to the assets acquired and liabilities assumed:


	July 20, 2023
Real estate assets	$	14,587,735
Equity investment in joint venture partnerships	325,250
Cash and other assets	107,423
Intangible assets - other	82,000
Trade name	50,000
Unsecured senior notes	(2,106,866)
Accounts payable, accrued expenses and other liabilities	(191,077)
Noncontrolling interests	(4,338)
Fair value of net assets acquired	$	12,850,127

Fair Value Measurement

The estimated fair values of assets acquired and liabilities assumed were primarily based on information that was available as of the closing date of the Life Storage Merger. The methodology used to estimate the fair values to apply purchase accounting and the ongoing financial statement impact, if any, are summarized below.

•Real estate assets – the Company engaged third party valuation specialists to calculate the fair value of the real estate assets acquired by the Company using standard valuation methodologies, including the cost and market approaches. The remaining useful lives for real estate assets, excluding land, were reset to 39 years. The Company also engaged third party valuation specialists to calculate the fair value of tenant relationships for storage leases based on estimated costs the Company avoided to replace them. Tenant relationships are amortized to expense over 18 months, which is based on the Company’s historical experience with turnover in its stores.

•Equity investment in joint venture partnerships - the Company calculated the fair value of equity investment in joint venture partnerships based on a direct capitalization of net operating income.

•Intangible assets - other – the Company engaged third party valuation specialists to calculate the fair value of customer relationships relating to tenant reinsurance contracts based on the income approach which estimates the potential revenue loss the Company avoided to replace them. These assets are amortized to expense over 36 months, which is based on the Company’s historical experience with average length of stay for tenants.

•Trade name – the Company engaged third party valuation specialists to calculate the fair value of trade names based on royalty payments avoided had the trade name been owned by a third party. This is determined using market royalty rates and a discounted cash flow analysis under the relief-from-royalty method to estimate the fair value of the trade name. This method incorporates various assumptions, including projected revenue growth rates, the terminal growth rate, the royalty rate to be applied, and the discount rate utilized.

•Unsecured senior notes – the Company calculated the fair value of the unsecured senior notes using standard valuation methodology, including readily available market data. The below-market value of debt is recorded as a debt discount and reported as a reduction of the unsecured senior notes balance on the condensed consolidated balance sheets. The discount is amortized using effective interest method as an increase to interest expense over the remaining terms of the unsecured senior notes.

•Other assets and liabilities – the carrying values of cash, accounts receivable, prepaids and other assets, accounts payable, accrued expenses and other liabilities represented the fair values.


	September 30, 2023				Three Months Ended September 30, 2023		Nine Months Ended September 30, 2023
Intangible Assets:	Gross Carrying Amount		Accumulated Amortization		Amortization Expense		Amortization Expense
Trade name	$	50,000	$	—	$	—	$	—
Intangible assets - other	82,000		4,723		4,723		4,723
	132,000		4,723		4,723		4,723


	Estimated Aggregate Amortization Expense
Intangible Assets:	2024		2025		2026
Trade name	$	—	$	—	$	—
Intangible assets - other	23,375		19,833		11,569
	$	23,375	$	19,833	$	11,569

Store Acquisitions

The following table shows the Company’s acquisitions of stores, excluding the Life Storage Merger, for the three and nine months ended September 30, 2023 and 2022. The table excludes purchases of raw land and improvements made to existing assets. All store acquisitions are considered asset acquisitions under ASU 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business."


												Total
Period	Number of Stores	Cash Paid		Finance Lease Liability		Investments in Real Estate Ventures		Net Liabilities/ (Assets) Assumed		Value of Equity Issued			Real estate assets

Q3 2023	3	$	18,578	$	—	$	—	$	86	$	—		$	18,664
Q2 2023	3	32,888		—		—		26		—			32,914
Q1 2023	1	13,111		—		—		6		—			13,117
Total 2023	7	$	64,577	$	—	$	—	$	118	$	—		$	64,695


Q3 2022	118	$	639,106	$	—	$	338	$	(2,291)	$	125,000		$	762,153
Q2 2022	15	220,933		6,823		—		811		—			228,567
Q1 2022	14	185,910		—		747		274		40,965			227,896
Total 2022	147	$	1,045,949	$	6,823	$	1,085	$	(1,206)	$	165,965		$	1,218,616

Other Investments

On June 1, 2022, the Company completed the acquisition of Bargold Storage Systems, LLC ("Bargold") for a purchase price of approximately $179.3 million. Bargold leases space in apartment buildings, primarily in New York City and its boroughs, builds out the space as storage units, and subleases the units to tenants. As of the date of the acquisition, Bargold had approximately 17,000 storage units with an approximate occupancy of 97%. This acquisition is considered a business combination under ASU 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business."

The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date.


Cash and cash equivalents	$	175
Fixed assets	6,411
Developed technology	500
Trademarks	500
Customer relationships	1,870
Other assets	125
Accounts payables and accrued liabilities assumed	(1,090)
Nets asset acquired	8,491
Goodwill	170,811
Total assets acquired	$	179,302

The following table summarizes the revenues and earnings related to Bargold since the acquisition date of June 1, 2022, which are included in the Company's consolidated statement of operations for the year ended December 31, 2022:


Total revenues	$	9,374
Net income from operations	$	1,718

Pro Forma Information

During the year ended December 31, 2022, the Company acquired Bargold. The following pro forma financial information is based on the combined historical financial statements of the Company and Bargold, however, it only includes revenue and presents the Company's results as if the acquisition had occurred on January 1, 2021. Net income was excluded as it was impracticable to report expenses due to the lack of historical accrual basis accounting.


	For the Year Ended December 31, 2022		For the Year Ended December 31, 2021
	Pro Forma		Pro Forma
Total revenues	$	1,930,816	$	1,592,021

Real Estate Assets (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Components of Real Estate Assets

The components of real estate assets are summarized as follows:


	September 30, 2023		December 31, 2022
Land	$	4,895,651	$	2,356,746
Buildings, improvements and other intangibles	21,502,492		9,425,468
Right of use asset - finance lease	142,851		136,259
Intangible assets - tenant relationships	320,333		152,775
Intangible lease rights	12,943		12,943
	26,874,270		12,084,191
Less: accumulated depreciation and amortization	(2,440,327)		(2,138,524)
Net operating real estate assets	24,433,943		9,945,667
Real estate under development/redevelopment	122,735		52,311
Real estate assets, net	$	24,556,678	$	9,997,978

Fair Value Disclosures - Additional Information (Detail)	Sep. 30, 2023 store
Fair Value Disclosures [Abstract]
Number of operating stores held-for-sale	0

Debt

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Debt

DEBT

The components of term debt are summarized as follows:


Term Debt	September 30, 2023		December 31, 2022		Fixed Rate	Variable Rate (2)	Maturity Dates
Secured fixed-rate (1)	$	402,896	$	521,820	2.67% - 4.56%		April 2025 - February 2030
Secured variable-rate (1)	880,438		772,604			6.32% - 6.81%	November 2023 - September 2030
Unsecured fixed-rate	7,536,633		4,240,376		2.20% - 5.70%		January 2025 - March 2032
Unsecured variable-rate	1,848,367		884,624			6.26% - 6.27%	January 2024 - January 2028
Total	10,668,334		6,419,424
Less: Discount on unsecured senior notes (3)	(284,906)		—
Less: Unamortized debt issuance costs	(54,349)		(32,962)
Total	$	10,329,079	$	6,386,462

(1) The loans are collateralized by mortgages on real estate assets and the assignment of rents.
(2) Basis rates include Adjusted Term SOFR and Adjusted Daily Simple SOFR.
(3) Unsecured senior notes from the Life Storage Merger were recorded at fair value, resulting in a discount to be amortized over the term of the debt.

The following table summarizes the scheduled maturities of term debt, excluding available extensions, at September 30, 2023:



2023	$	248,250
2024	1,335,000
2025	789,920
2026	1,409,581
2027	1,318,350
2028	1,029,300
2029	1,543,074
2030	1,344,859
2031	1,050,000
2032	600,000
	$	10,668,334

On June 22, 2023, the Company entered into the Third Amended and Restated Credit Agreement (the “Credit Agreement”), which increased the commitment of the revolving credit facility to $1,940,000, and later to $2,000,000 with an Increasing Lender Supplement entered into in August 2023, and extended its maturity to June 2027. In connection with entering into the Credit Agreement, the Company paid off Tranche 5 and added the Tranche 8 term loan, maturing June 2024, which allowed the Company to draw up to $1,000,000 in connection with the Life Storage Merger. Tranche 8 was fully drawn on July 20, 2023, in connection with the closing of the Life Storage Merger.

Pursuant to the terms of the Credit Agreement, the Company may request an extension of the term of the revolving credit facility for up to two additional periods of six months each, and the term of the Tranche 8 term loan facility for one year, after satisfying certain conditions.

As of September 30, 2023, amounts outstanding under the revolving credit facility bore interest at floating rates, at the Company’s option, equal to either (i) Adjusted Term or Daily Simple SOFR plus the Applicable Margin or (ii) the applicable base rate which is the applicable margin plus the highest of (a) 0.0%, (b) the federal funds rate plus 0.50%, (c) U.S. Bank’s

prime rate or (d) the SOFR rate plus 1.00%. Per the Credit Agreement, the applicable SOFR rate margin and applicable base rate margin are based on the Company’s achieved debt rating, with the SOFR rate margin ranging from 0.7% to 2.2% per annum and the applicable base rate margin ranging from 0.00% to 1.20% per annum.

The Credit Agreement is guaranteed by the Company and is not secured by any assets of the Company. The Company's unsecured debt is subject to certain financial covenants. As of September 30, 2023, the Company was in compliance with all of its financial covenants.

In July 2022, the Company completed an accordion transaction in its credit facility, which added a $175.0 million unsecured debt tranche maturing January 2028 and a $425.0 million unsecured debt tranche maturing July 2029. As of September 30, 2023, the interest rates for the tranches were Adjusted Term SOFR/Adjusted Daily Simple SOFR ("ASOFR") + 0.85% and ASOFR + 1.15%, respectively.

All of the Company’s lines of credit are guaranteed by the Company. The following table presents information on the Company’s lines of credit, the proceeds of which are used to repay debt and for general corporate purposes, for the periods indicated:


	As of September 30, 2023
Revolving Lines of Credit	Amount Drawn		Capacity		Interest Rate	Maturity	Basis Rate (1)
Credit Line 1 (2)	$	—	$	140,000	6.66%	7/1/2026	SOFR plus 1.35%
Credit Line 2 (3)(4)	623,000		2,000,000		6.19%	6/22/2027	ASOFR plus 0.775%
	$	623,000	$	2,140,000
(1) Term SOFR or Daily Simple SOFR
(2) Secured by mortgages on certain real estate assets. On January 13, 2023, the maturity date was extended to July 1, 2026 with one extension of one year available.
(3) Unsecured. On June 22, 2023, the maturity date was extended to June 22, 2027 with two six-month extensions available. On August 11, 2023, the capacity was increased by $60.0 million.
(4) Basis Rate as of September 30, 2023. Rate is subject to change based on the Company's investment grade rating.

As of September 30, 2023, the Company’s percentage of fixed-rate debt to total debt was 70.3%. The weighted average interest rates of the Company’s fixed and variable-rate debt were 3.6% and 6.4%, respectively. The combined weighted average interest rate was 4.4%.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets (Tables)

9 Months Ended

Sep. 30, 2023

Components of Other Assets

The components of other assets are summarized as follows:


	September 30, 2023		December 31, 2022
Goodwill	$	170,811	$	170,811
Receivables, net	131,614		85,937
Prepaid expenses and deposits	94,409		50,318
Other intangible assets, net	75,749		—
Trade name	50,000		—
Fair value of interest rate swaps	48,611		54,839
Equipment and fixtures, net	45,626		42,808
Deferred line of credit financing costs, net	11,857		4,846
Restricted cash	7,000		4,867
	$	635,677	$	414,426

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements of the Company are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information, and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they may not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of results that may be expected for the year ending December 31, 2023. The condensed consolidated balance sheet as of December 31, 2022 has been derived from the Company’s audited financial statements as of that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. For further information refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" (“ASU 2020-04”). ASU 2020-04 provides temporary optional guidance that provides transition relief for reference rate reform, including optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions that reference LIBOR or a reference rate that is expected to be discontinued as a result of reference rate reform if certain criteria are met. ASU 2020-04 is effective upon issuance, and the provisions generally can be applied prospectively as of January 1, 2020 through December 31, 2024. As of September 30, 2023, the Company had converted all of its LIBOR-indexed debt and derivatives to SOFR-based indexes (effective with the respective instrument’s next reset date for certain instruments). For all derivatives in hedge accounting relationships, the elective relief in Topic 848 that allows for the continuation of hedge accounting throughout the transition process was utilized.

Investments in Unconsolidated Real Estate Entities (Tables)

9 Months Ended

Sep. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of investments in unconsolidated real estate ventures

Net investments in unconsolidated real estate ventures and cash distributions in unconsolidated real estate ventures consist of the following:


	Number of Stores	Equity Ownership %	Excess Profit % (1)	September 30,		December 31,
				2023		2022
PRISA Self Storage LLC	84	4%	4%	$	8,475	$	8,596
Sovran HHF Storage Holdings LLC	37	20%	20%	106,509		—
Storage Portfolio II JV LLC	36	10%	30%	(7,724)		(7,200)
Storage Portfolio IV JV LLC	32	10%	30%	48,261		49,139
Storage Portfolio I LLC	24	34%	49%	(42,061)		(41,372)
PR II EXR JV LLC	23	25%	25%	108,716		110,172
Sovran HHF Storage Holdings II LLC	22	15%	15%	42,220		—
Life Storage-HIERS Storage LLC	17	20%	20%	26,237		—
191 V Life Storage Holdings LLC	17	20%	20%	13,410		—
ESS-CA TIVS JV LP	16	55%	59%	29,610		30,778
VRS Self Storage, LLC	16	45%	55%	(15,932)		(15,399)
Life Storage HHF Wasatch Holdings LLC	16	20%	20%	20,568		—
GII Life Storage Holdings	13	35%	35%	18,189		—
ARA-EXR JV LLC	12	10%	30%	18,967		19,137
ESS-NYFL JV LP	11	16%	26%	10,880		11,332
Extra Space Northern Properties Six LLC	10	10%	35%	(3,728)		(3,382)
Alan Jathoo JV LLC	9	10%	10%	7,258		7,414
ESS Bristol Investments LLC	8	10%	30%	1,979		2,110
ESS - BGO Atlanta GA JV LLC	8	20%	35%	35,037		30,467
Storage Portfolio V JV LLC	7	10%	30%	9,561		9,517
ESS - BGO Storage JV I LLC	6	20%	35%	22,572		7,466
Life Storage Spacemax, LLC	6	40%	40%	33,730		—
PR EXR Self Storage, LLC	5	25%	40%	57,797		58,476
Storage Portfolio III JV LLC	5	10%	30%	5,378		5,467
Lake Wobegon Storage LLC	5	50%	50%	8,150		3,441
Other unconsolidated real estate ventures	26	10%-50%	10%-50%	94,045		28,901
SmartStop Self Storage REIT, Inc. Preferred Stock (2)	n/a	n/a	n/a	200,000		200,000
Strategic Storage Trust VI, Inc. Preferred Stock (3)	n/a	n/a	n/a	150,000		—
Net Investments in and Cash distributions in unconsolidated real estate entities	471			$	1,008,104	$	515,060

(1) Includes pro-rata equity ownership share and maximum potential promoted interest.

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	50,000,000	50,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	211,276,086	133,921,020
Common stock, outstanding (in shares)	211,276,086	133,921,020

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income attributable to common stockholders	$ 188,350	$ 220,719	$ 587,064	$ 656,428

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Schedule of Unsecured Senior Notes and Components of Debt

Noncontrolling Interest Represented by Preferred Operating Partnership Units - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands						1 Months Ended		9 Months Ended	24 Months Ended
	Jan. 25, 2023	Jan. 03, 2023	Jun. 01, 2022	May 10, 2022	Jun. 25, 2007	Oct. 31, 2014	Jun. 30, 2007	Sep. 30, 2023	Dec. 31, 2014	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Other receivables										$ 100,000
Preferred units outstanding (in shares)								8,887,278
Note receivable interest rate								5.00%
Series A Units
Noncontrolling Interest [Line Items]
Fixed priority return on preferred OP units, amount						$ 101,700	$ 101,700
Fixed priority return on preferred OP units, stated return rate							2.30%
Fixed priority return on preferred OP units, liquidation value							$ 115,000
Preferred units outstanding (in shares)						875,480		0
Redemption of operating partnership units	$ 5,000
Redemption of operating partnership units for common stock (in shares)	851,698
Series B Units
Noncontrolling Interest [Line Items]
Preferred units outstanding (in shares)									1,342,727
Redemption of operating partnership units				$ 1,125
Liquidation value (in dollars per share)									$ 25.00
Fixed liquidation value									$ 33,567
Annual rate of return percentage									6.00%
Redemption of Operating Partnership units (in shares)				45,000
Series D Units
Noncontrolling Interest [Line Items]
Redemption of operating partnership units for common stock (in shares)		154,307
Liquidation value (in dollars per share)								$ 25.00
Fixed liquidation value								$ 189,372
Fixed liquidation value (in shares)								7,566,828
Redemption of Operating Partnership units (in shares)		890,594
Issuance of units (in shares)			240,000
Issuance of units			$ 6,000
Series D Units \| Minimum
Noncontrolling Interest [Line Items]
Annual rate of return percentage								3.00%
Series D Units \| Maximum
Noncontrolling Interest [Line Items]
Annual rate of return percentage								5.00%
Operating Partnership Holders of A Units \| Series A Units
Noncontrolling Interest [Line Items]
Other receivables					$ 100,000
Maximum number of preferred OP units converted prior to the maturity date of the loan (in shares)						114,500
Note receivable interest rate					2.10%
Notes reduction	$ 100,000

Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

The components of term debt are summarized as follows:


Term Debt	September 30, 2023		December 31, 2022		Fixed Rate	Variable Rate (2)	Maturity Dates
Secured fixed-rate (1)	$	402,896	$	521,820	2.67% - 4.56%		April 2025 - February 2030
Secured variable-rate (1)	880,438		772,604			6.32% - 6.81%	November 2023 - September 2030
Unsecured fixed-rate	7,536,633		4,240,376		2.20% - 5.70%		January 2025 - March 2032
Unsecured variable-rate	1,848,367		884,624			6.26% - 6.27%	January 2024 - January 2028
Total	10,668,334		6,419,424
Less: Discount on unsecured senior notes (3)	(284,906)		—
Less: Unamortized debt issuance costs	(54,349)		(32,962)
Total	$	10,329,079	$	6,386,462

(1) The loans are collateralized by mortgages on real estate assets and the assignment of rents.
(2) Basis rates include Adjusted Term SOFR and Adjusted Daily Simple SOFR.
(3) Unsecured senior notes from the Life Storage Merger were recorded at fair value, resulting in a discount to be amortized over the term of the debt.

Schedule of Maturities of Notes Payable

The following table summarizes the scheduled maturities of term debt, excluding available extensions, at September 30, 2023:



2023	$	248,250
2024	1,335,000
2025	789,920
2026	1,409,581
2027	1,318,350
2028	1,029,300
2029	1,543,074
2030	1,344,859
2031	1,050,000
2032	600,000
	$	10,668,334

Schedule of Information on Lines of Credit

The following table presents information on the Company’s lines of credit, the proceeds of which are used to repay debt and for general corporate purposes, for the periods indicated:


	As of September 30, 2023
Revolving Lines of Credit	Amount Drawn		Capacity		Interest Rate	Maturity	Basis Rate (1)
Credit Line 1 (2)	$	—	$	140,000	6.66%	7/1/2026	SOFR plus 1.35%
Credit Line 2 (3)(4)	623,000		2,000,000		6.19%	6/22/2027	ASOFR plus 0.775%
	$	623,000	$	2,140,000
(1) Term SOFR or Daily Simple SOFR
(2) Secured by mortgages on certain real estate assets. On January 13, 2023, the maturity date was extended to July 1, 2026 with one extension of one year available.
(3) Unsecured. On June 22, 2023, the maturity date was extended to June 22, 2027 with two six-month extensions available. On August 11, 2023, the capacity was increased by $60.0 million.
(4) Basis Rate as of September 30, 2023. Rate is subject to change based on the Company's investment grade rating.

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482949/835-30-55-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480848/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-7

Noncontrolling Interest Represented by Preferred Operating Partnership Units

9 Months Ended

Sep. 30, 2023

Noncontrolling Interest Represented by Preferred Operating Partnership Units

NONCONTROLLING INTEREST REPRESENTED BY PREFERRED OPERATING PARTNERSHIP UNITS

Classification of Noncontrolling Interests


	September 30, 2023		December 31, 2022
Series A Units	$	—	$	16,498
Series B Units	33,567		33,568
Series D Units	189,372		211,436
	$	222,939	$	261,502

Series A Participating Redeemable Preferred Units

Series B Redeemable Preferred Units

On May 10, 2022, 45,000 Series B Units were redeemed for $1,125 in cash.

Series C Redeemable Preferred Units

As of September 30, 2023 and December 31, 2022, there were no outstanding Series C Units.

Series D Redeemable Preferred Units

On January 3, 2023, 890,594 Series D Units were redeemed for 154,307 shares of common stock.

NONCONTROLLING INTEREST IN OPERATING PARTNERSHIP AND OTHER NONCONTROLLING INTERESTS

Noncontrolling Interest in Operating Partnership

OP Unit activity is summarized as follows for the periods presented:


	For the Nine Months Ended September 30,
	2023		2022

OP Units redeemed for cash	—		18,028
Cash paid for OP Units redeemed	$	—	$	3,504
OP Units issued in conjunction with business combination and acquisitions	1,674,748		711,037
Value of OP Units issued in conjunction with business combination and acquisitions	$	249,470	$	141,000

GAAP requires a company to present ownership interests in subsidiaries held by parties other than the company in the consolidated financial statements within the equity section, but separate from the company’s equity. It also requires the amount of consolidated net income attributable to the parent and to the noncontrolling interest to be clearly identified and presented on the face of the consolidated statement of operations, and requires changes in ownership interest to be accounted for similarly as equity transactions. If noncontrolling interests are determined to be redeemable, they are to be carried at their redemption value as of the balance sheet date and reported as temporary equity.

Other Noncontrolling Interests

Fair Value Disclosures - Schedule of Financial Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value
Fair Value of Financial Instruments [Line Items]
Notes receivable from Preferred and Common Operating Partnership unit holders	$ 1,885	$ 95,965
Fixed rate notes receivable	889	5,191
Fixed rate debt	6,695,430	4,320,014
Carrying Value
Fair Value of Financial Instruments [Line Items]
Notes receivable from Preferred and Common Operating Partnership unit holders	1,900	101,900
Fixed rate notes receivable	900	5,241
Fixed rate debt	$ 7,654,623	$ 4,762,196

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Noncontrolling Interest in Operating Partnership and Other Noncontrolling Interests - Additional Information (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) joint_venture $ / shares shares	Dec. 31, 2022 USD ($)
Noncontrolling Interest [Line Items]
Note receivable interest rate	5.00%
Period used as a denomination to determine the average closing price of common stock	10 days
Ten day average closing stock price (in dollars per share) \| $ / shares	$ 123.46
Preferred units outstanding (in shares) \| shares	8,887,278
Consideration to be paid on redemption of common OP units	$ 1,097,223
Number of consolidated joint ventures \| joint_venture	9
Noncontrolling Interest - Operating Partnership
Noncontrolling Interest [Line Items]
Loan receivable, reduction of noncontrolling interests	$ 1,900	$ 1,900
Common stock
Noncontrolling Interest [Line Items]
OP units conversion ratio	1
Noncontrolling Interest - Operating Partnership
Noncontrolling Interest [Line Items]
Ownership interest held	95.20%
Ownership interest held by joint venture partner	4.80%
Other noncontrolling interests \| Minimum
Noncontrolling Interest [Line Items]
Ownership interest held by joint venture partner	2.00%
Other noncontrolling interests \| Maximum
Noncontrolling Interest [Line Items]
Ownership interest held by joint venture partner	31.00%

Earnings Per Common Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Common Share

EARNINGS PER COMMON SHARE

Basic earnings per common share is computed using the two-class method by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding during the period. All outstanding unvested restricted stock awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common stockholders; accordingly, they are considered participating securities that are included in the two-class method. Diluted earnings per common share measures the performance of the Company over the reporting period while giving effect to all potential common shares that were dilutive and outstanding during the period. The denominator includes the weighted average number of basic shares and the number of additional common shares that would have been outstanding if the potential common shares that were dilutive had been issued, and is calculated using either the two-class, treasury stock or as if-converted method, whichever is most dilutive. Potential common shares are securities (such as options, Series A Participating Redeemable Preferred Units (“Series A Units”), Series B Redeemable Preferred Units (“Series B Units”), Series D Redeemable Preferred Units (“Series D Units” and, together with the Series A Units and Series B Units, the “Preferred OP Units”) and common Operating Partnership units (“OP Units”)) that do not have a current right to participate in earnings of the Company but could do so in the future by virtue of their option, redemption or conversion right.

In computing the dilutive effect of convertible securities, net income is adjusted to add back any changes in earnings in the period associated with the convertible security. The numerator also is adjusted for the effects of any other non-discretionary changes in income or loss that would result from the assumed conversion of those potential common shares. In computing diluted earnings per common share, only potential common shares that are dilutive (i.e. those that reduce earnings per common share) are included.

For the purposes of computing the diluted impact of the potential exchange of the Preferred Operating Partnership units for common shares upon redemption, where the Company has the option to redeem in cash or shares and where the Company has stated the intent and ability to settle the redemption in shares, the Company divided the total value of the Preferred Operating Partnership units by the average share price for the period presented. The average share price for the three months ended September 30, 2023 and 2022 was $134.24 and $189.11, respectively.


	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2023	2022	2023	2022
	Equivalent Shares (if converted)	Equivalent Shares (if converted)	Equivalent Shares (if converted)	Equivalent Shares (if converted)
Common OP Units	8,541,775	—	7,661,885	—

Series B Units	250,061	177,506	228,029	181,408
Series D Units	1,409,198	1,118,056	1,287,256	1,089,389
	10,201,034	1,295,562	9,177,170	1,270,797

On January 25, 2023, the remaining Series A Units were redeemed (see Note 13 below). For the purposes of computing the diluted impact on earnings per share of the potential exchange of Series A Units for common shares upon redemption, where the Company had the option to redeem in cash or shares and where the Company had stated the positive intent and ability to settle at least $101,700 of the instrument in cash (or net settle a portion of the Series A Units against the related outstanding note receivable), only the amount of the instrument in excess of $101,700 was considered in the calculation of shares contingently issuable for the purposes of computing diluted earnings per share as allowed by ASC 260-10-45-46. Accordingly, the number of shares included in the computation for diluted earnings per share related to the Series A Units was equal to the number of Series A Units outstanding, with no additional shares included related to the fixed $101,700 amount.

The computation of earnings per common share is as follows for the periods presented:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
Net income attributable to common stockholders	$	188,350	$	220,719	$	587,064	$	656,428
Earnings and dividends allocated to participating securities	(304)		(313)		(931)		(914)
Earnings for basic computations	188,046		220,406		586,133		655,514
Earnings and dividends allocated to participating securities	—		—		—		—
Income allocated to noncontrolling interest - Preferred Operating Partnership Units and Operating Partnership Units	—		12,954		—		37,932
Fixed component of income allocated to noncontrolling interest - Preferred Operating Partnership (Series A Units)	—		(572)		—		(1,716)
Net income for diluted computations	$	188,046	$	232,788	$	586,133	$	691,730

Weighted average common shares outstanding:
Average number of common shares outstanding - basic	195,324,444		133,913,652		155,112,071		134,094,490
OP Units	—		6,709,854		—		6,592,606
Series A Units	—		875,480		—		875,480

Series D Units	—		—		—		—
Unvested restricted stock awards included for treasury stock method	—		—		—		—
Shares related to dilutive stock options	3,576		5,229		4,078		5,269
Average number of common shares outstanding - diluted	195,328,020		141,504,215		155,116,149		141,567,845
Earnings per common share
Basic	$	0.96	$	1.65	$	3.78	$	4.89
Diluted	$	0.96	$	1.65	$	3.78	$	4.89

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Stockholders' Equity	STOCKHOLDERS’ EQUITY On July 20, 2023, the Company issued 76,217,359 shares of its common stock for a total value of $11,353,338. This was based on an exchange ratio of 0.895 per share conversion of Life Storage common stock at the Company's closing share price on July 19, 2023 of $148.96 as part of the Life Storage Merger. On January 7, 2022, the Company issued 186,766 shares of its common stock to acquire two stores for $40,965. On August 9, 2021, the Company filed its $800,000 "at the market" equity program with the Securities and Exchange Commission using a shelf registration statement on Form S-3, and entered into separate equity distribution agreements with ten sales agents. No shares have been sold under the current "at the market" equity program. From January 1, 2021, through August 8, 2021, the Company sold 585,685 shares of common stock under its prior "at the market" equity program resulting in net proceeds of $66,617. On October 15, 2020, the Company's board of directors authorized a new share repurchase program allowing for the repurchase of shares with an aggregate value up to $400,000. During 2022, a total of $63,008 was paid to repurchase 381,786 shares. During the nine months ended September 30, 2023, no shares were repurchased. As of September 30, 2023, the Company had remaining authorization to repurchase shares with an aggregate value up to $336,992

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Debt - Schedule of Maturities of Notes Payable (Details) - Notes Payable - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
2023	$ 248,250
2024	1,335,000
2025	789,920
2026	1,409,581
2027	1,318,350
2028	1,029,300
2029	1,543,074
2030	1,344,859
2031	1,050,000
2032	600,000
Total	$ 10,668,334	$ 6,419,424

Acquisitions and Dispositions - Additional Information (Details) storage_unit in Thousands, $ in Thousands				9 Months Ended
	Jul. 25, 2023 USD ($)	Jul. 20, 2023 USD ($) shares	Jun. 01, 2022 USD ($) storage_unit	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Asset Acquisition [Line Items]
Total consideration paid for repurchase				$ 4,617,755	$ 3,341,881
Bargold
Asset Acquisition [Line Items]
Total consideration			$ 179,300
Life Storage, Inc
Asset Acquisition [Line Items]
Total consideration paid for repurchase		$ 375,000
Bargold
Asset Acquisition [Line Items]
Number of storage units \| storage_unit			17
Occupancy rate			97.00%
Senior Notes \| Senior Notes, Assumed From Life Storage
Asset Acquisition [Line Items]
Total consideration paid for repurchase	$ 2,351,100
Senior note balances	$ 48,900
Life Storage, Inc
Asset Acquisition [Line Items]
Equity interest issued conversion ratio \| shares		0.895
Consideration transferred		$ 11,602,808
Real estate assets, estimated useful life		39 years
Tenant relationships, estimated useful life		18 months
Intangible assets, amortization period		36 months
Life Storage, Inc \| Line of Credit
Asset Acquisition [Line Items]
Extinguishment of liability component		$ 1,160,000
Life Storage, Inc \| Secured Debt
Asset Acquisition [Line Items]
Total consideration paid for repurchase		$ 32,000

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements of the Company are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information, and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they may not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2023 are not necessarily indicative of results that may be expected for the year ending December 31, 2023. The condensed consolidated balance sheet as of December 31, 2022 has been derived from the Company’s audited financial statements as of that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. For further information refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission. Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board ("FASB") issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" (“ASU 2020-04”). ASU 2020-04 provides temporary optional guidance that provides transition relief for reference rate reform, including optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions that reference LIBOR or a reference rate that is expected to be discontinued as a result of reference rate reform if certain criteria are met. ASU 2020-04 is effective upon issuance, and the provisions generally can be applied prospectively as of January 1, 2020 through December 31, 2024. As of September 30, 2023, the Company had converted all of its LIBOR-indexed debt and derivatives to SOFR-based indexes (effective with the respective instrument’s next reset date for certain instruments). For all derivatives in hedge accounting relationships, the elective relief in Topic 848 that allows for the continuation of hedge accounting throughout the transition process was utilized.

Noncontrolling Interest in Operating Partnership and Other Noncontrolling Interests (Tables)

9 Months Ended

Sep. 30, 2023

Redeemable Noncontrolling Interest

OP Unit activity is summarized as follows for the periods presented:


	For the Nine Months Ended September 30,
	2023		2022

OP Units redeemed for cash	—		18,028
Cash paid for OP Units redeemed	$	—	$	3,504
OP Units issued in conjunction with business combination and acquisitions	1,674,748		711,037
Value of OP Units issued in conjunction with business combination and acquisitions	$	249,470	$	141,000

Investments in Unconsolidated Real Estate Entities (Details) $ in Thousands	1 Months Ended		9 Months Ended
	May 31, 2023 USD ($)	Oct. 31, 2019 USD ($)	Sep. 30, 2023 USD ($) store property	Dec. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property			471
Investment balance			$ 1,008,104	$ 515,060
Purchase price			$ 28,611
Number of joint venture stores purchased \| store			7
PRISA Self Storage LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property			84
Equity Ownership %			4.00%
Excess Profit %			4.00%
Investment balance			$ 8,475	8,596
Sovran HHF Storage Holdings LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property			37
Equity Ownership %			20.00%
Excess Profit %			20.00%
Investment balance			$ 106,509	0
Storage Portfolio II JV LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property			36
Equity Ownership %			10.00%
Excess Profit %			30.00%
Investment balance			$ (7,724)	(7,200)
Storage Portfolio IV JV LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property			32
Equity Ownership %			10.00%
Excess Profit %			30.00%
Investment balance			$ 48,261	49,139
Storage Portfolio I LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property			24
Equity Ownership %			34.00%
Excess Profit %			49.00%
Investment balance			$ (42,061)	(41,372)
PR II EXR JV LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property			23
Equity Ownership %			25.00%
Excess Profit %			25.00%
Investment balance			$ 108,716	110,172
Sovran HHF Storage Holdings II LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property			22
Equity Ownership %			15.00%
Excess Profit %			15.00%
Investment balance			$ 42,220	0
Life Storage-HIERS Storage LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property			17
Equity Ownership %			20.00%
Excess Profit %			20.00%
Investment balance			$ 26,237	0
191 V Life Storage Holdings LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property			17
Equity Ownership %			20.00%
Excess Profit %			20.00%
Investment balance			$ 13,410	0
ESS-CA TIVS JV LP
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property			16
Equity Ownership %			55.00%
Excess Profit %			59.00%
Investment balance			$ 29,610	30,778
VRS Self Storage, LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property			16
Equity Ownership %			45.00%
Excess Profit %			55.00%
Investment balance			$ (15,932)	(15,399)
Life Storage HHF Wasatch Holdings LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property			16
Equity Ownership %			20.00%
Excess Profit %			20.00%
Investment balance			$ 20,568	0
GII Life Storage Holdings
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property			13
Equity Ownership %			35.00%
Excess Profit %			35.00%
Investment balance			$ 18,189	0
ARA-EXR JV LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property			12
Equity Ownership %			10.00%
Excess Profit %			30.00%
Investment balance			$ 18,967	19,137
ESS-NYFL JV LP
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property			11
Equity Ownership %			16.00%
Excess Profit %			26.00%
Investment balance			$ 10,880	11,332
Extra Space Northern Properties Six LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property			10
Equity Ownership %			10.00%
Excess Profit %			35.00%
Investment balance			$ (3,728)	(3,382)
Alan Jathoo JV LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property			9
Equity Ownership %			10.00%
Excess Profit %			10.00%
Investment balance			$ 7,258	7,414
ESS Bristol Investments LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property			8
Equity Ownership %			10.00%
Excess Profit %			30.00%
Investment balance			$ 1,979	2,110
ESS - BGO Atlanta GA JV LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property			8
Equity Ownership %			20.00%
Excess Profit %			35.00%
Investment balance			$ 35,037	30,467
Storage Portfolio V JV LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property			7
Equity Ownership %			10.00%
Excess Profit %			30.00%
Investment balance			$ 9,561	9,517
ESS - BGO Storage JV I LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property			6
Equity Ownership %			20.00%
Excess Profit %			35.00%
Investment balance			$ 22,572	7,466
Life Storage Spacemax, LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property			6
Equity Ownership %			40.00%
Excess Profit %			40.00%
Investment balance			$ 33,730	0
PR EXR Self Storage, LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property			5
Equity Ownership %			25.00%
Excess Profit %			40.00%
Investment balance			$ 57,797	58,476
Storage Portfolio III JV LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property			5
Equity Ownership %			10.00%
Excess Profit %			30.00%
Investment balance			$ 5,378	5,467
Lake Wobegon Storage LLC
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property			5
Equity Ownership %			50.00%
Excess Profit %			50.00%
Investment balance			$ 8,150	3,441
Other unconsolidated real estate ventures
Schedule of Equity Method Investments [Line Items]
Number of Stores \| property			26
Investment balance			$ 94,045	28,901
Other unconsolidated real estate ventures \| Minimum
Schedule of Equity Method Investments [Line Items]
Equity Ownership %			10.00%
Other unconsolidated real estate ventures \| Maximum
Schedule of Equity Method Investments [Line Items]
Equity Ownership %			50.00%
SmartStop Self Storage REIT, Inc. Preferred Stock
Schedule of Equity Method Investments [Line Items]
Investment balance		$ 200,000	$ 200,000	200,000
Investment, preferred dividend rate		6.25%
Period after which preferred stock dividend is subject to increase		5 years
Investment redemption restriction period		5 years
Strategic Storage Trust VI, Inc. Preferred Stock
Schedule of Equity Method Investments [Line Items]
Investment balance			$ 150,000	$ 0
Investment in shares	$ 150,000
Dividend rate, percentage	8.35%
Dividend rate increase, threshold	5 years
Redemption period	3 years

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Nov. 06, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-32269
Entity Registrant Name	EXTRA SPACE STORAGE INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-1076777
Entity Address, Address Line One	2795 East Cottonwood Parkway, Suite 300
Entity Address, City or Town	Salt Lake City
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84121
City Area Code	801
Local Phone Number	365-4600
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	EXR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		211,277,822
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001289490
Current Fiscal Year End Date	--12-31

Noncontrolling Interest Represented by Preferred Operating Partnership Units - Balances of OP Units (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Noncontrolling Interest [Line Items]
Noncontrolling interest represented by Preferred Operating Partnership units, net	$ 222,939	$ 261,502
Series A Units
Noncontrolling Interest [Line Items]
Noncontrolling interest represented by Preferred Operating Partnership units, net	0	16,498
Series B Units
Noncontrolling Interest [Line Items]
Noncontrolling interest represented by Preferred Operating Partnership units, net	33,567	33,568
Series D Units
Noncontrolling Interest [Line Items]
Noncontrolling interest represented by Preferred Operating Partnership units, net	$ 189,372	$ 211,436

Acquisitions and Dispositions (Tables)

9 Months Ended

Sep. 30, 2023

Fair Values of Assets Acquired and Liabilities Assumed

Asset Acquisitions

The following table summarizes the fair value of total consideration transferred in the Life Storage Merger:


Consideration Type	July 20, 2023
Common stock	$	11,353,338
OP units	249,470
Cash for payoff of Life Storage credit facility and debt	1,192,000
Transaction Costs	55,318
Total consideration	$	12,850,127

The following table summarizes the estimated fair values assigned to the assets acquired and liabilities assumed:


	July 20, 2023
Real estate assets	$	14,587,735
Equity investment in joint venture partnerships	325,250
Cash and other assets	107,423
Intangible assets - other	82,000
Trade name	50,000
Unsecured senior notes	(2,106,866)
Accounts payable, accrued expenses and other liabilities	(191,077)
Noncontrolling interests	(4,338)
Fair value of net assets acquired	$	12,850,127


	September 30, 2023				Three Months Ended September 30, 2023		Nine Months Ended September 30, 2023
Intangible Assets:	Gross Carrying Amount		Accumulated Amortization		Amortization Expense		Amortization Expense
Trade name	$	50,000	$	—	$	—	$	—
Intangible assets - other	82,000		4,723		4,723		4,723
	132,000		4,723		4,723		4,723


	Estimated Aggregate Amortization Expense
Intangible Assets:	2024		2025		2026
Trade name	$	—	$	—	$	—
Intangible assets - other	23,375		19,833		11,569
	$	23,375	$	19,833	$	11,569

All store acquisitions are considered asset acquisitions under ASU 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business."


												Total
Period	Number of Stores	Cash Paid		Finance Lease Liability		Investments in Real Estate Ventures		Net Liabilities/ (Assets) Assumed		Value of Equity Issued			Real estate assets

Q3 2023	3	$	18,578	$	—	$	—	$	86	$	—		$	18,664
Q2 2023	3	32,888		—		—		26		—			32,914
Q1 2023	1	13,111		—		—		6		—			13,117
Total 2023	7	$	64,577	$	—	$	—	$	118	$	—		$	64,695


Q3 2022	118	$	639,106	$	—	$	338	$	(2,291)	$	125,000		$	762,153
Q2 2022	15	220,933		6,823		—		811		—			228,567
Q1 2022	14	185,910		—		747		274		40,965			227,896
Total 2022	147	$	1,045,949	$	6,823	$	1,085	$	(1,206)	$	165,965		$	1,218,616

The following table summarizes the fair values of the assets acquired and liabilities assumed at the acquisition date.


Cash and cash equivalents	$	175
Fixed assets	6,411
Developed technology	500
Trademarks	500
Customer relationships	1,870
Other assets	125
Accounts payables and accrued liabilities assumed	(1,090)
Nets asset acquired	8,491
Goodwill	170,811
Total assets acquired	$	179,302

Revenues and Earnings of Acquired Company


Total revenues	$	9,374
Net income from operations	$	1,718

Net income was excluded as it was impracticable to report expenses due to the lack of historical accrual basis accounting.


	For the Year Ended December 31, 2022		For the Year Ended December 31, 2021
	Pro Forma		Pro Forma
Total revenues	$	1,930,816	$	1,592,021

Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Financial Information of Business Segments

Financial information for the Company’s business segments is set forth below:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
Revenues:
Self-Storage Operations	$	650,887	$	428,787	$	1,525,596	$	1,216,639
Tenant Reinsurance	69,128		47,869		165,265		138,093
Total segment revenues	$	720,015	$	476,656	$	1,690,861	$	1,354,732

Operating expenses:
Self-Storage Operations	$	185,194	$	114,577	$	416,997	$	322,371
Tenant Reinsurance	19,130		10,770		37,701		25,349
Total segment operating expenses	$	204,324	$	125,347	$	454,698	$	347,720

Net operating income:
Self-Storage Operations	$	465,693	$	314,210	$	1,108,599	$	894,268
Tenant Reinsurance	49,998		37,099		127,564		112,744
Total segment net operating income:	$	515,691	$	351,309	$	1,236,163	$	1,007,012

Other components of net income:
Management fees and other income	$	28,019	$	22,246	$	71,609	$	62,720
Transaction costs	—		—		—		(1,465)
Life Storage Merger transition costs	(54,174)		—		(54,174)		—
General and administrative expense	(37,406)		(32,275)		(107,011)		(93,288)
Depreciation and amortization expense	(152,338)		(71,423)		(309,914)		(208,396)
Gain on real estate transactions	—		—		—		14,249
Interest expense	(122,899)		(56,245)		(289,370)		(146,249)

Interest income	22,092		18,125		62,607		52,174

Equity in earnings and dividend income from unconsolidated real estate entities	15,043		11,149		38,602		30,436

Income tax expense	(6,944)		(6,760)		(17,238)		(15,516)
Net income	$	198,856	$	236,126	$	623,046	$	701,677

Derivatives

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

DERIVATIVES

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of its debt funding and by using derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposure that arises from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings.

Cash Flow Hedges of Interest Rate Risk

The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (“OCI”) and is subsequently reclassified into earnings in the period that

the hedged forecasted transaction affects earnings. A portion of these changes is excluded from accumulated other comprehensive income as it is allocated to noncontrolling interests. During the three and nine months ended September 30, 2023 and 2022, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. In the coming 12 months, the Company estimates that $31,372 will be reclassified as an increase to interest income.

The Company held 17 derivative financial instruments which had a total combined notional amount of $1,664,918 as of September 30, 2023.

Fair Values of Derivative Instruments

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the condensed consolidated balance sheets:


	Asset / Liability Derivatives
Derivatives designated as hedging instruments:	September 30, 2023		December 31, 2022
Other assets	$	48,611	$	54,839
Other liabilities	$	—	$	73

Effect of Derivative Instruments


	Gain (loss) recognized in OCI for the Three Months Ended September 30,				Location of amounts reclassified from OCI into income	Gain (loss) reclassified from OCI for the Three Months Ended September 30,
Type	2023		2022			2023		2022
Swap Agreements	$	9,146	$	25,350	Interest expense	$	11,415	$	1,131


	Gain (loss) recognized in OCI for the Nine Months Ended September 30,				Location of amounts reclassified from OCI into income	Gain (loss) reclassified from OCI for the Nine Months Ended September 30,
Type	2023		2022			2023		2022
Swap Agreements	$	27,212	$	82,449	Interest expense	$	31,398	$	(13,536)

Credit-risk-related Contingent Features

The Company has agreements with some of its derivative counterparties that contain provisions pursuant to which the Company could be declared in default of its derivative obligations if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender.

The Company also has an agreement with some of its derivative counterparties that incorporates the loan covenant provisions of the Company’s indebtedness with a lender affiliate of the derivative counterparty. Failure to comply with the loan covenant provisions would result in the Company being in default on any derivative instrument obligations covered by the agreement.

As of September 30, 2023, the Company did not have any net liability positions in the fair value of derivatives.

Segment Information - Schedule of Financial Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Revenues:	$ 748,034	$ 498,902	$ 1,762,470	$ 1,417,452
Operating expenses:	448,242	229,045	925,797	650,869
Net operating income:	299,792	269,857	836,673	780,832
Management fees and other income	28,019	22,246	71,609	62,720
Transaction costs	0	0	0	(1,465)
Life Storage Merger transition costs	(54,174)	0	(54,174)	0
General and administrative expense	(37,406)	(32,275)	(107,011)	(93,288)
Depreciation and amortization expense	(152,338)	(71,423)	(309,914)	(208,396)
Gain on real estate transactions	0	0	0	14,249
Interest expense	(122,899)	(56,245)	(289,370)	(146,249)
Interest income	22,092	18,125	62,607	52,174
Equity in earnings and dividend income from unconsolidated real estate entities	15,043	11,149	38,602	30,436
Income tax expense	(6,944)	(6,760)	(17,238)	(15,516)
Net income	198,856	236,126	623,046	701,677
Operating Segments
Segment Reporting Information [Line Items]
Revenues:	720,015	476,656	1,690,861	1,354,732
Operating expenses:	204,324	125,347	454,698	347,720
Net operating income:	515,691	351,309	1,236,163	1,007,012
Self-Storage Operations \| Operating Segments
Segment Reporting Information [Line Items]
Revenues:	650,887	428,787	1,525,596	1,216,639
Operating expenses:	185,194	114,577	416,997	322,371
Net operating income:	465,693	314,210	1,108,599	894,268
Tenant Reinsurance \| Operating Segments
Segment Reporting Information [Line Items]
Revenues:	69,128	47,869	165,265	138,093
Operating expenses:	19,130	10,770	37,701	25,349
Net operating income:	$ 49,998	$ 37,099	$ 127,564	$ 112,744

Noncontrolling Interest in Operating Partnership and Other Noncontrolling Interests - Schedule of OP Unit Activity (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Noncontrolling Interest [Abstract]
OP Units redeemed for cash (in shares)	0	18,028
Cash paid for OP Units redeemed	$ 0	$ 3,504
OP Units issued in conjunction with acquisitions (in units)	1,674,748	711,037
Value of OP Units issued in conjunction with business combination and acquisitions		$ 249,470	$ 141,000

Segment Information

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The Company’s segment disclosures present the measure used by the chief operating decision makers ("CODMs") for purposes of assessing each segment’s performance. The Company’s CODMs are comprised of several members of its executive management team who use net operating income ("NOI") to assess the performance of the business for the Company’s reportable operating segments. The Company’s segments are comprised of two reportable segments: (1) self-storage operations and (2) tenant reinsurance. NOI for the Company's self-storage operations represents total property revenue less direct property operating expenses. NOI for the Company's tenant reinsurance segment represents tenant reinsurance revenues less tenant reinsurance expense.

The self-storage operations activities include rental operations of wholly-owned stores and self-storage units acquired in the Bargold transaction. The Company's consolidated revenues equal total segment revenues plus property management fees and other income. Tenant reinsurance activities include the reinsurance of risks relating to the loss of goods stored by tenants in the stores operated by the Company. Excluded from segment revenues and net operating income is property management fees and other income.

For all periods presented, substantially all of the Company's real estate assets, intangible assets, other assets, and accrued and other liabilities are associated with the self-storage operations segment. Financial information for the Company’s business segments is set forth below:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2023		2022		2023		2022
Revenues:
Self-Storage Operations	$	650,887	$	428,787	$	1,525,596	$	1,216,639
Tenant Reinsurance	69,128		47,869		165,265		138,093
Total segment revenues	$	720,015	$	476,656	$	1,690,861	$	1,354,732

Operating expenses:
Self-Storage Operations	$	185,194	$	114,577	$	416,997	$	322,371
Tenant Reinsurance	19,130		10,770		37,701		25,349
Total segment operating expenses	$	204,324	$	125,347	$	454,698	$	347,720

Net operating income:
Self-Storage Operations	$	465,693	$	314,210	$	1,108,599	$	894,268
Tenant Reinsurance	49,998		37,099		127,564		112,744
Total segment net operating income:	$	515,691	$	351,309	$	1,236,163	$	1,007,012

Other components of net income:
Management fees and other income	$	28,019	$	22,246	$	71,609	$	62,720
Transaction costs	—		—		—		(1,465)
Life Storage Merger transition costs	(54,174)		—		(54,174)		—
General and administrative expense	(37,406)		(32,275)		(107,011)		(93,288)
Depreciation and amortization expense	(152,338)		(71,423)		(309,914)		(208,396)
Gain on real estate transactions	—		—		—		14,249
Interest expense	(122,899)		(56,245)		(289,370)		(146,249)

Interest income	22,092		18,125		62,607		52,174

Equity in earnings and dividend income from unconsolidated real estate entities	15,043		11,149		38,602		30,436

Income tax expense	(6,944)		(6,760)		(17,238)		(15,516)
Net income	$	198,856	$	236,126	$	623,046	$	701,677

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32